Profit Is the Difference Between

question 285

Multiple Choice

Profit is the difference between

• A)marginal revenue and marginal cost.
• B)total revenue and variable cost.
• C)total revenue and total explicit cost.
• D)total revenue and total cost.

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Definitions:

Demand Elasticity

A measure of how much the quantity demanded of a good changes in response to a change in the price of that good.

Sales Tax

Sales tax is a government-imposed levy on the sale of goods and services, paid by the purchaser at the time of sale.

Excise Tax

A tax charged on specific goods and services, such as tobacco, alcohol, and fuels, often intended to discourage their use or generate revenue.

Local Governments

Administrative bodies that manage and govern specific areas within a country, such as cities, towns, or regions, often responsible for local services and laws.