Perfectly competitive firms earn zero economic profits in, Econometrics

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Perfectly competitive firms earn zero economic profits in

1. Perfectly competitive industries have free entry and exit in the long run. When will firms decide to enter an industry? When will a firm exit an industry?

2. When do economists say that a market is in a long-run competitive equilibrium?

3. Economic rents are returns to scarce inputs above what firms paid for them. When will a firm earn economic rents?

4. Perfectly competitive firms earn zero economic profits in the long run. How can a firm earn zero economic profits and still yield positive economic rents?

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