Suppose a Farmer in a Perfectly Competitive Agricultural Industry Rents

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.