If a firm in a completely competitive market has average revenues that exceed average expenses, some firms will enter the industry and prices will decline in the long term. Thus, the correct answer is some firms will enter the industry and prices will fall.
A competitive market is one in which there are many customers and sellers and no one buyer or seller may influence the price of the items being offered. A competitive market is frequently referred to as having ideal competition. No one controls a competitive market, and there is no difference in quality, price, or quantity between competing enterprises and what they provide.
One of the most crucial things to grasp about competitive marketplaces is that they are only theoretical. There are marketplaces that meet some of the qualifications and features of a competitive market or perfect competition, but none of them fully meet all of them.
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