In the long run, a perfectly competitive firm is expected to generate high economic profits.

Name: In the long run, a perfectly competitive firm is expected to generate high economic profits.
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In the long run, a perfectly competitive firm is expected to earn zero economic profits due to the presence of free entry and exit. If the firm were generating high economic profits, new firms would enter the market, increasing competition and lowering prices until profits are driven down to zero.

In the Long Run, a Perfectly Competitive Firm Is Expected