Free entry in a perfectly competitive industry results

Which of the following statements is TRUE?I.Free entry in 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 byLMC < 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.  

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