In the long run, profits will equal zero in a competitive market because of identical products being produced by all firms.
In a perfectly competitive market, firms can only experience profits or losses in the short run. In the long run, profits and losses are eliminated because an infinite number of firms are producing infinitely divisible, and identical products.
Firms in a perfectly competitive world earn zero profit in the long-run. While firms can earn accounting profits in the long-run, they cannot earn economic profits. Thus, only excess profits are wiped out by competition.
Hence, the answer was given and explained above.
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