In a perfectly competitive market, what are the long-run equilibrium price, output quantity, and total profit for the firms?

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$100, 2 million barrels daily, $60 million profit$80, 4 million barrels daily, $70 million profit$60, 6 million barrels daily, $20 million profit$40, 8 million barrels daily, zero profit

Explanation

In a purely competitive industry, the long-run equilibrium occurs when the market price equals the minimum average total cost, resulting in zero economic profit. At this point, firms produce the quantity where supply meets demand, which here is 8 million barrels per day at a price of $40, yielding no total profit.