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Firm earn only normal profit (marginal revenue, e.g. ?10), the bare minimum profit necessary to keep them in business. If firms earn more than that (supernormal profits, e.g. ?20) the absence of barriers to entry means that other firms will enter the market and drive the price level down until there are only normal profits to be made (Figure 1.2). Output will be maximised and price minimised.
Figure 1.2 Perfect Competition in the long-run.
Allocative efficiency implies all factors of production and all commodities demanded by consumers are in their best use and receive their opportunity cost (Figure 1...
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