Use the following information about the current year's operations of a company to calculate the cash paid for merchandise. Cost of goods sold $226,000
Merchandise inventory, January 1 54,800
Merchandise inventory, December 31 57,400
Accounts payable, January 1 54,400
Accounts payable, December 31 59,800
a. $223,200.
b. $228,800.
c. $234,000.
d. $218,000.
e. $220,000.

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.