Read the statement, and then answer the question. a subtle form of product advertising called product placement occurs when a company pays to have its product seen in an entertainment feature. what is an example of product placement?
a. characters in a movie board a flight on an airplane.
b. characters in a movie order a soda at a carnival.
c. characters in a movie prepare a salad in their kitchen.
d. characters in a movie have coffee at a brand-name coffee shop.

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.