Kaspar Corporation makes a commercial-grade cooking griddle. The following information is available for Kaspar Corporation's anticipated annual volume of 30,000 units. Per Unit Total
Direct materials $17
Direct labor $8
Variable manufacturing overhead $11
Fixed manufacturing overhead $300,000
Variable selling and administrative expenses $4
Fixed selling and administrative expenses $150,000
The company uses a 40% markup percentage on total cost. Compute the total cost per unit.

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.