Along a perfectly competitive industry's long-run supply curve

Question

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In a perfectly competitive industry, firms will enter or exit until economic profits are zero in the long run. This means that no firm is earning above-normal profits, and the market price is equal to the minimum average total cost of production. Therefore, along the long-run supply curve, economic profits are zero. The number of firms is not necessarily constant, as firms may enter or exit depending on market conditions. The market price is also equal to the marginal cost of production, not necessarily higher.

Along a Perfectly Competitive Industry's Long-Run Supply Curve