In the long run, perfectly competing firms, will have

✅ Explanation: In a perfectly competitive market, firms are price takers, meaning they have no control over the price of their product. In the long run, new firms can enter or exit the market freely. If firms are earning positive economic profits, new firms will enter the market, increasing supply and driving down prices until profits are reduced to zero. Conversely, if firms are experiencing negative economic profits, some firms will exit the market, decreasing supply and driving up prices until profits return to zero. This process continues until all firms in the market earn zero economic profit in the long run.