In a perfectly competitive market, which of the following statements is true?

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In a perfectly competitive market, firms have no control over the price and are price takers. Therefore, in the long run, price will adjust to reflect any changes in production costs to ensure that all firms earn zero economic profit. This is known as the zero-profit condition. The existence of profits will attract new firms to enter the market, increasing supply and lowering the price, while losses will cause firms to exit, reducing supply and raising the price. In the long run, economic profit will be zero. Finally, in a perfectly competitive market, firms must produce at the lowest possible cost to remain competitive, which means that prices will be equal to marginal costs.

In a Perfectly Competitive Market, Which of the Following Statements