Letters Are Used to Represent the Terms Used to Answer

question 162

Multiple Choice

Letters are used to represent the terms used to answer this question: price (P) , quantity of output (Q) , total cost (TC) and average total cost (ATC) .Which of the following equations is equal to a firm's average profit?

• A)P - ATC
• B)(P - ATC)× Q
• C)(P × Q)- TC
• D)P - TC

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