6) on june 4rd chandler & monica grocery store collected sales of $5,000 and sales taxes of $200. what is the journal entry that chandler & monica grocery store needs to record for this activity? (you may or may not need all rows of this textbox)

Which of the following statements is (are) true? i. free entry to a perfectly competitive industry results in the industry's firms earning zero economic profit in the long run, except for the most efficient producers, who may earn economic rent. ii. in a perfectly competitive market, long-run equilibrium is characterized by lmc < p < latc. iii. if a competitive industry is in long-run equilibrium, a decrease in demand causes firms to earn negative profit because the market price will fall below average total cost.