Which of the following accounts would be increased with a credit? a. Collins, Capital; Accounts Receivable; Unearned Revenue b. Land; Accounts Payable; Drawing c. Cash; Accounts Receivable; Collins, Capital d. Accounts Payable; Unearned Revenue; Collins, Capital

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.