If total explicit costs are equal to total implicit costs, then economic profit is zero

Which of the following statements is CORRECT?

I. The exchange rate is a price. II. The exchange rate is different from other prices because it is NOT determined by supply and demand. A) only I B) only II C) I and II D) neither I nor II

Which of the following groups might be expected to support high United States Department of Agriculture standards for imported citrus fruit?

A. Orange growers in Florida B. Citrus fruit consumers in New England, where citrus cannot be grown easily C. Shipping companies that import agricultural goods from other countries D. Orange and grapefruit producers in other nations