If most firms in an industry are earning a 7 percent rate of return on their assets, but your business is earning 9 percent, your rate of economic profit is

Which of the following is not an explicit cost?

A) taxes B) rent C) wages D) opportunity cost of using an owner's savings

Because there are 2 million farms in the United States, individual farmers have some market power.

Answer the following statement true (T) or false (F)