Wachman company produces a product with the following per-unit costs:
direct materials $15
direct labor 6
manufacturing overhead 19

last year, wachman produced and sold 2,000 units at a price of $75 each. total selling and administrative expense was $30,000. refer to the information for wachman company above. total gross margin for last year was

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.