While staying overnight at lily's house, martin indicates that he would like to buy her car. lily says she'll think it over. the next day martin finds a note on the kitchen counter from lily that reads, "i might be able to sell the car for about $22,000." martin writes her a check for $22,000, takes the car keys off the hook by the front door and drives off in the car. have lily and martin formed a binding contract?

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.