Why do we argue that in the long run, perfect competition will result in efficiency? How is this related to the concept of normal profits and firm entry and exit from markets?

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Perfect Competition

It is the structure of the market that is said to exist when with many buyers and sellers exchanging similar commodities and its price is fixed by the market forces, demand, and supply, and a single firm cannot cause an impact over the price or market value of the homogenous product. This structure of the market is called perfect competition.