A bakery firm has an average variable cost of $70, an average fixed cost of $60, and a marginal cost of $130. The bakery prices its product at $130.Which of the following statements is applicable for the bakery firm?

Economic profits are zero because the firm's marginal revenue is equal to marginal cost

Economic profits are positive because the firm's total revenue is greater than total cost

Economic profits are zero because the product price is equal to the firm's average total cost

Economic profits are negative because the product price is greater than the firm's average variable cost