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In a perfectly competitive market, the process of entry or exit ends when
Firms are operating with excess capacity
Firms are making zero economic profit.
Firms experience decreasing marginal revenue
Price is equal to marginal cost.
If the market has no barriers to entry, new firms will enter, increase the supply of the commodity, and decrease the price. This decrease in price leads to a decrease in the firm's revenue, so in the long-run, economic profit is zero. An economic profit of zero is also known as a normal profit.
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