If the firms are competitive and profit maximizing, the demand curve for labour is determined by which one of the following?

Given below are two statements, one is labeled as Assertion (A) and the other as Reason (R). Assertion (A): Instead of being U-shaped, the long-run average cost curve can be L-shaped in modern economic production. Reason (R): Production or technical economies achieved by a firm in the long run bring down the per-unit cost of production continuously over a wide range of output. Select the correct answer using the code given below:

Consider the following statements: I. Convex isoquants imply diminishing marginal rate of technical substitution. II. Cost minimization requires equality between marginal rate of technical substitution and factor price ratio. III. A corner solution in cost minimization can arise even when isoquants are convex. Which of the above statements are correct?