1.3.3 A situation where it is impossible to increase the welfare of one person without making another one worse off
Pareto efficiency / Pareto optimal / Pareto
1.3.3 The costs that remain the same even if the output changes
Fixed costs
1.3.2 Costs that remain the same even if the output changes
Fixed cost (FC)
1.3.3 The period during which at least one factor of production is fixed
Short run
1.3.6 The positively sloped part of the marginal cost curve in a perfectly competitive
firm
Supply curve​

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.