What can you expect from a purely competitive firm in the long-run? What will price be?What quantity will be produced?

What can you expect from a purely competitive firm in the long-run? What will price be?What quantity will be produced? What will be the relation between marginal cost, average cost, price, average revenue and marginal revenue? Use a numerical example to illustrate your answer.

The following can expected in a purely competitive market in the long run1. Economic profits in the short run or losses will make firms to enter or exit the industry.2. Because of the absence of...