Which of the following statements are true about a competitive price-searcher market? Check all that apply. V O Firms earn positive profit in the long run. V O Firms face high barriers to entry. Price is above marginal cost. V ) Firms face low barriers to entry. Points: 1 / 1 Explanation: Close Explanation Competitive price-searcher markets are characterized by differentiated product offerings among firms and low entry barriers. Differentiated products imply that each firm faces a downward-sloping demand curve, so firms are not price takers but price searchers. Low entry barriers imply that such markets are competitive. That is, the profit of each firm is driven to zero in the long run as the demand for each firm's product adjusts with the entry and exit of other firms until price equals average total cost. Additionally, a downward-sloping demand curve means that price exceeds marginal revenue, because as a firm expands output, prices of units previously sold at higher prices must fall