You developed a new technology for weather stripping windows. Your monopoly in this market turns out to be lucrative. Your total revenue was $75,000 and your total cost— explicit and implicit costs combined—was $25,000 . The $50,000 difference represents your

If an economic agent's returns to entrepreneurship is likely to be lower than his opportunity cost of entrepreneurship:

A) he will choose to be an entrepreneur. B) he will always make profits if he chooses to be an entrepreneur. C) he will always make losses if he chooses to be an entrepreneur. D) he will not choose to be an entrepreneur.

If you buy a five-year-old TV from a friend, the amount you paid for the TV is

A) always added to consumption expenditures but not investment. B) always added to investment but not consumption. C) not included in this year's GDP. D) added to investment if the TV is expected to last more than 5 additional years and added to consumption if the TV is expected to last less than 5 additional years. E) included in this year's GDP only if the TV set was manufactured in the United States.