What is the condition for achieving normal profit in a perfectly competitive market at equilibrium?

In a perfectly competitive market, normal profit occurs when a firm's total revenue equals its total costs. This means that the money the firm makes from selling its products is just enough to cover all its expenses, including costs for materials, labor, and other resources. At equilibrium, the price of the product is set where the quantity supplied equals the quantity demanded, allowing firms to sell their goods at this price without making a profit or a loss. For example, if a bakery sells bread for $2 per loaf and it costs them $2 to make each loaf, they are achieving normal profit because they are not losing money, but they are also not making extra profit. This balance is crucial for firms in a competitive market, as it ensures they can continue operating without going bankrupt while providing goods to consumers.