Descriptions that can be associated with equilibrium when in a perfectly competitive market even at longrun are;
There is usually zero economic profit.
There is no incentive to exit as regards the firm in this market.
There is no incentive for outside firm that is trying to enter.
Zero signal for entry or exit.
- The long-run equilibrium as regards a perfectly competitive market can be explained as one which do happen as result of equality in both marginal revenue and marginal costs.
Therefore, as a result of this there is equal average total costs, and zero economic profit.
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