Do Perfectly Competitive Firms earn normal profits?

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Perfectly competitive firms can earn normal profits in the long run. In a perfectly competitive market, there are many buyers and sellers who cannot individually influence the market price. The market price is determined by the intersection of the market demand and supply curves.

In the short run, perfectly competitive firms can earn economic profits or losses. If a firm's total revenue is greater than its total costs, it will earn economic profits. Conversely, if a firm's total revenue is less than its total costs, it will incur economic losses.

However, in the long run, new firms can enter the market and existing firms can exit the market. If the existing firms are making economic profits, new firms will be attracted to the market, and this increase in supply will drive down prices until profits are eliminated. On the other hand, if existing firms are incurring economic losses, some firms may choose to leave the industry, reducing supply and driving prices up until losses are eliminated.

Therefore, in the long run, perfectly competitive firms will tend to earn normal profits, where total revenue equals total costs. Normal profits are the minimum level of profits needed to keep a firm in business and compensate the owners for their time and capital.