Which of the following is TRUE in long-run competitive equilibrium ("market saturation")? Group of answer choices  Firms earn zero economic profit   Price is equal to minimum average total cost  All of the above are true    Firms in the market earn just enough revenue to cover their explicit (accounting) costs and opportunity costs.   None of the above are true New firms have no incentive to enter the market

ENGR.ECONOMIC ANALYSIS
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Which of the following is TRUE in long-run competitive equilibrium ("market saturation")?

Group of answer choices

 Firms earn zero economic profit

 

Price is equal to minimum average total cost

 All of the above are true

 

 Firms in the market earn just enough revenue to cover their explicit (accounting) costs and opportunity costs. 

 None of the above are true

New firms have no incentive to enter the market

 

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