Which of the Following Equations Expresses the Definition of "Income

question 4

Multiple Choice

Which of the following equations expresses the definition of "income"?

• A) Income = Revenues - Expenses
• B) Income = (Revenues + Gains) - (Expenses + Losses)
• C) Income = Revenues + Gains
• D) Income = Gains - Losses

---

Definitions:

Price and Output Policy

Strategies adopted by firms or the government to determine the prices of goods and services and the level of production to meet economic objectives.

Cartel Members

Firms or countries that coordinate together to control prices and production in an industry, limiting competition.

Incentive to Cheat

Motivations or circumstances that encourage individuals or entities to break rules or agreements for personal gain.

Cartel Agreements

Formal agreements among competing firms in an industry to control prices, limit production, or divide markets, often illegal and against antitrust laws.