Over the years cadillac has become to be thought of as “your grandparent’s car.” the new cadillac ads showing a beautiful young woman driving a cadillac along with the statement, “when you turn your car on, does it turn you on? ” this is an example of marketing designed to cadillac as a car for today’s younger driver.(a) diversify(b) reposition(c) develop(d) expand(e) display

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.