expected to be a normal profit level, with the understanding that unusually efficient firms might achieve supra-normal profits for a time.
Nobody ever expects that any firms will be at a normal profit level, as they always assume above and beyond what is possible.
mnli hypothesis: Nobody ever expects that any firms will be at a normal profit level, as they always assume above and beyond what is possible. premise: expected to be a normal profit level, with the understanding that unusually efficient firms might achieve supra-normal profits for a time.