Acustomer comes into the store to return a gallon of milk. she says she bought it earlier today, but the due date on the gallon expired yesterday. she asks to exchange it for another gallon of milk, but your manager is not in the store right now. what do you do?

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.