<Li> Perfect information--All consumers and producers know all prices of products and utilities each person would get from owning each product . </Li> <Li> Homogeneous products--The products are perfect substitutes for each other, (i.e., the qualities and characteristics of a market good or service do not vary between different suppliers). </Li> <Li> Well defined property rights--These determine what may be sold, as well as what rights are conferred on the buyer . </Li> <Li> No barriers to entry or exit </Li>

When does a firm has normal economic profits what does it imply