Revel inc., a cell phone manufacturer, decides to launch its new line of smartphones on the company's official website to resolve logistics issues that the company has identified. with this modification, its customers can now buy the smartphones even if they are not available in retail locations near potential consumers. in this case, revel inc. focuses on the element of the marketing mix.

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.