A buyer purchased 48 lamps with a list price of $50 each with discounts of 30%, 20%, and 5%. Terms were 2/10, n/30; transportation FOB factory. Shipping charges of $68 were prepaid by the vendor. The lamps, shipped and billed October 18, were received October 25. If the bill was paid October 31, what amount should be remitted to the vendor?

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.