Philip is a new manager of a 15 person manufacturing operation. his predecessor has handed him a complete annual plan (with budgets) and a roster and organization chart of all of the resources in his department. philip has presented the company’s strategic plan to his department and met with each of them individually to establish rapport. after a month on the job, the owner approaches him and asks how he is doing compared to plan. philip is stunned because he hasn’t attended to which of the 4 management functions?

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.