Which of the following statements correctly describe the Perfectly Competitive Model?

Group of answer choices

There is one seller, but there are many buyers.

The goods being sold are identical.

The marginal cost curve passes through the minimum points of average total cost and average variable cost.

Price is determined by supply and demand.

Firms do not experience economies of scale.

Firms that experience negative economic profit will eventually exit the market.

A firm that raises its price above the equilibrium price will lose some sales, but not all sales.

Marginal cost falls while marginal product is rising, and then marginal cost rises when diminishing returns occur.