Have you ever purchased something based on the recommendation of a social media influencer? If so, explain what you purchased, who the influencer was, and why their recommendation mattered. If not, how have you avoided the urge to buy based on social media?

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.