Examlex
Which of the following is FALSE?
Profit
Profit is the financial gain that is achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.
Inverse Demand Function
A mathematical representation showing how the quantity demanded of a good or service changes as its price changes, holding everything else constant.
Unit Tax
A tax that is imposed on a product based on a fixed amount per unit, rather than a percentage of the price.
Output
The cumulative quantity of products or services generated by a business, sector, or economic system over a given timeframe.
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