In the long-run, a perfectly competitive firm will earn what kind of economic profit?

What are some characteristics of perfect competition?  Is the Banana market a perfect competition?  When you are buying bananas, what is your decision making process?   Do you have any favorite brand of banana?  How can companies in the market compete?  Please name some other examples of perfect competition?

When should a firm exit the market in the long run?

T or F Competitive firms' profit eventually erodes close to zero.  Why?

If the firms are earning abnormal profit how will the number of firms in industry change?

What does zero economic profits in the long-run mean to the owner of a business operating in a perfect competitive market?

In a perfectly competitive market, what is the marginal revenue curve?

Why don't firms in a competitive market have excess capacity in the long run?

For a perfectly competitive firm, what is the relationship between Price and Marginal Revenue?

why does price equal marginal revenue for the perfectly competitive firm? what is the relationship to the demand curve for the firm?