Under a periodic inventory system when a sale is made: Multiple choice question. the cost of goods sold but not the revenue are recorded the revenue and the cost of goods sold are recorded the revenue but not the cost of goods sold is recorded the cost of goods sold are recorded after each sale

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.