10 . Productive and allocative efficiency Suppose society is producing a perfectly competitive good or service at the lowest possible cost in the long run. Which of the following must be true?

Check all that apply.

A The market is productively efficient.

B The firms in this market are earning positive profit.

C Price (P) = marginal cost (MC) = minimum average total cost (ATC).

D New firms have an incentive to enter the market.