In the long run, firms in a perfectly competitive industry are most likely to:

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Quizplus · Accepted Answer

In the long run, firms in a perfectly competitive industry will have zero economic profits and produce at minimum cost. This is because there are no barriers to entry, meaning that new firms can easily enter the market if profits are being earned. As more firms enter, the supply of the product increases, leading to a decrease in price and profits for all firms in the industry. Eventually, in the long run, firms will only earn enough revenue to cover their costs and will not earn any economic profits.

In the Long Run, Firms in a Perfectly Competitive Industry