When Hank needed to write a job analysis for a court reporter, he used the O*NET online database. One section of the information stated, "Court reporters ask speakers to clarify statements, file a legible transcript of records, verify accurate transcripts, and record depositions." This information is part of the job's working conditions.

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.