A long-run equilibrium in a competitive market is the state reached when rent-seeking and competition have eliminated less-efficient firms and driven economic rents to zero, thereby halting the entry of new firms or the expansion of existing ones. In this equilibrium, the remaining firms produce at a low average cost that is approximately equal to the market price, resulting in them earning only normal profits. This market state is stable and will persist unless it is disrupted by an exogenous supply or demand shock.