According to the source, if the market price a firm receives is higher than its average total cost of production, what happens?

1. Table 8.4 compares price with average total cost to classify a firm's economic outcome. 2. When price is above average total cost, the firm earns an economic profit. 3. Zero economic profit only occurs when price exactly equals average total cost, not when price is higher. 4. A price above average total cost is the opposite of the condition that produces a loss. _Source: OpenStax Principles of Microeconomics for AP Courses (CC BY 4.0), Ch 8 "Perfect Competition", section 8.2 | How Perfectly Competitive Firms Make Output Decisions_