On december 1, 2013, joseph company, a u. s. company, entered into a three-month forward contract to purchase 50,000 pesos on march 1, 2014, as a fair value hedge of a foreign currency denominated account payable. the following u. s. dollar per peso exchange rates apply: joseph's incremental borrowing rate is 12 percent. the present value factor for two months at an annual interest rate of 12 percent is .9803. which of the following is included in joseph's december 31, 2013 balance sheet for the forward contrac

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.