Economic profit is ______ accounting profit because ________.

Group of answer choices

Half the; the marginal revenue curve is steeper than the demand curve

The same as; entrepreneurs will count both implicit and explicit costs

Higher than; of the opportunity costs or implicit costs

Lower than; of the opportunity costs or implicit costs

In competitive markets the long-run profit for firms is zero. Once the market reaches this point, firms will exit the market until there are positive profits.

Group of answer choices

True, firms want to maximize profit and will leave if they do not make profit.

True, long-run profit includes economic profit which is greater than accounting profit.

False, firms will only exit with negative profits since this is economic profit which accounts for opportunity costs.

False, firms will not exit the market until they have made enough to cover all of their fixed costs.