If a monopolist's price is $50 at the output where marginal revenue equals marginal cost and average total cost is $43, then the average profit is $7

If, as an entrepreneur, I am earning accounting profits of $50,000 per year and the opportunity cost of my time is $60,000

A) I am earning economic profits of $10,000. B) I am earning economic profits of $50,000. C) I should close my business. D) I am in a long-run equilibrium position.

All the costs of a transaction are referred to as

A) transfer costs. B) transactions costs. C) marketing expenditures. D) accounting costs.