If the average total cost is $10 and the price is $8 at the profit-maximizing quantity, what will happen in the long run in a perfectly competitive market?

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In a perfectly competitive market, if the price is below the average total cost at the profit-maximizing quantity, firms are making a loss. In the long run, this will lead to some firms exiting the market, which reduces supply and pushes the market price higher until firms are making zero economic profit.

If the Average Total Cost Is $10 and the Price