In the long run, a perfectly competitive firm can make an economic profit because its marginal cost equals its average total cost.

Name: In the long run, a perfectly competitive firm can make an economic profit because its marginal cost equals its average total cost.
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In the long run, a perfectly competitive firm cannot make an economic profit because the entry of new firms drives the price down to the level of average total cost, where firms earn zero economic profit.

In the Long Run, a Perfectly Competitive Firm Can Make