When the law office of dewey, cheatham, and howe received the case of legal paper it had ordered from an internet office supply retailer, the office manager was dismayed to find the paper was pink even though it was marked white. the office manager packed the paper and sent it back to the retailer who in turn sent it back to the vendor. this is an example of: ?

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.