An American manager of a multinational company who is working in one of the company's production plants located in a foreign country, employs child labor at the manufacturing unit he oversees. When criticized as unethical, the manager argues that such actions are ethically defensible because every company in the country is doing it. What ethical approach is this manager using?

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.