Suppose a Farmer in a Perfectly Competitive Agricultural Industry Rents

question 63

Multiple Choice

Suppose a farmer in a perfectly competitive agricultural industry rents land that is uniquely productive in the production of a certain crop.In the long run,

• A) the owner of the land receives economic rent while the farmer earns zero economic profit.
• B) the owner of the land earns zero economic profit while the farmer receives economic rent.
• C) both the farmer and the owner of the land receive economic rent.
• D) neither the farmer nor the owner of the land receive economic rent.

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