You are considering a job that offers a pension of 80% of your highest yearly salary prior to retirement. you expect your highest yearly salary will be $70,000. what amount of savings, earning 5% per year, would need to save in order to match the income from the pension?

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.