Profit Is Defined as Total Revenue

question 649

Multiple Choice

Profit is defined as total revenue

• A)plus total cost.
• B)times total cost.
• C)minus total cost.
• D)divided by total cost.

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Definitions:

Price

The fiscal amount presumed, asked for, or remunerated in return for an item.

Apples

A type of fruit that grows on apple trees, known for its sweet taste and the wide variety of types available.

Utility Function

A mathematical representation of how a consumer derives satisfaction or utility from consuming goods and services.

Substitution Effect

The economic principle that as prices rise (or incomes decrease), consumers will replace more expensive items with cheaper substitutes, holding utility constant.