A perfectly competitive firm will not earn an economic profit in the long run, because

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In perfect competition, there are no barriers to entry, meaning that new firms can freely enter the industry if they see that existing firms are earning economic profits. This increase in the number of firms will lead to an increase in market supply, pushing down the market price to the level of the minimum average total cost of production for each firm. As a result, each firm will earn only normal profits in the long run, which is just enough to cover its explicit and implicit costs of production. Therefore, a perfectly competitive firm cannot earn an economic profit in the long run.

A Perfectly Competitive Firm Will Not Earn an Economic Profit