An installment loan is: a. a credit card paid off right away b. a loan paid off in a certain amount of time, in installments, or equal payments c. when an item is paid for before it is picked up d. always a positive item on a credit report, even if it was not paid off

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.