Income before interest and tax $20,000 debt capital $100,000 interest on debt capital 5% tax rate 30% what is the amount of tax paid for the year? the amount of tax paid for the year is $ .

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.