In a perfectly competitive market in the long run:

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Quizplus · Accepted Answer

In a perfectly competitive market in the long run, all three statements are true. The price is the same at any quantity since there are many buyers and sellers and no one firm can affect the market price. Firms produce at an efficient scale where marginal cost equals marginal revenue. Finally, since there are no barriers to entry or exit, firms can only earn normal profits in the long run, meaning that profits are maximized.

In a Perfectly Competitive Market in the Long Run