Managerial accountants: Multiple Choice collect data and provide information so that decisions can be made. often serve as a cross-functional team member, making a wide range of decisions. collect data and provide information so that decisions can be made and often serve as a cross-functional team member, making a wide range of decisions. rarely become involved in an organization's decision-making activities.

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.