During March, a manufacturing company completed and transferred out 35,000 units. In beginning work in process, there were 12,000 units, 80% complete. In ending work in process, there were 7,000 units, 30% complete. Calculate the equivalent units for March. 35,000 units 47,200 units 42,000 units 37,100 units

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.