Question 1 (2 points) ✓ Saved Assume we are looking at a competitive market with identical firms. Which of the following will be true for the firms operating in the long run equilibrium? (select all that apply) firms will set an output level where marginal cost is equal to the market price there are likely to only be one or two firms in the market firms will make a profit that is at least as large as total costs firms will have both fixed and variable costs firms will be operating at the minimum of the average total cost curve