By desktop publishing, the number of vintage baseball card forgeries has flooded the market for vintage baseball cards. dealers left the market for fear of purchasing a phony. what was the effect on the market for vintage baseball cards assuming phonies cannot be detected?

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.