A 390-unit hotel is trying to determine their daily rates. From experience, the hotel manager knows that all rooms are typically occupied when the daily room rate is $93. Market research indicates that for every increase of x dollars in the daily room rate, there will be x rooms vacant. Each occupied room costs $22 per day to service and maintain. What should the hotel charge per day in order to maximize profit

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.