Long corporation is a fabric manufacturing company. On January 20, Long made sales to Lyndsay Lace in the amount if $15,000 with terms of 2/10, n/30. Lindsay's paid Long on January 28. Long records Accounts receivables and sales at the gross price. Prepare the related journal entries for Long

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.