When entrepreneurs in competitive industries successfully innovate to lower production costs, it usually results in long-run economic profits for the firm.

Name: When entrepreneurs in competitive industries successfully innovate to lower production costs, it usually results in long-run economic profits for the firm.
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In competitive industries, long-run economic profits tend to be zero due to the entry of new firms attracted by short-term profits, which increases supply and drives prices down.

When Entrepreneurs in Competitive Industries Successfully Innovate to Lower Production