Below is the balance sheet for glucose control company as of dec. 31, 2013. assets liabilities and equity cash 13,000 accounts payable 20,000 marketable securities 0 notes payable 6,000 accounts receivable 7,000 total current liabilities 26,000 inventory 34,000 long-term debt 95,000 total current assets 54,000 total liabilities 121,000 machines 34,000 paid-in capital 20,000 real estate 80,000 retained earnings 27,000 total fixed assets 114,000 total equity 47,000 total assets 168,000 total liab.

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.