"Andrea was recently fired from her job as a purchaser for a grocery store. She was told the reason for her dismissal was the almost continuous rotting of large amounts of produce and meat while in the stockroom awaiting sale in the store. Which objective of purchasing did Andrea fail to accomplish

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.