-Which of the Following Formulas Represents Total Profit for a Perfectly

question 150

Multiple Choice

-Which of the following formulas represents total profit for a perfectly competitive firm?

• A) MR - MC
• B) AR - ATC
• C) P - ATC
• D) Q \(\times\) (MR - M
• E) Q \(\times\) (P - AT

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Definitions:

Employer Mandate

The requirement under the Patient Protection and Affordable Care Act (PPACA) of 2010 that firms with 50 or more employees pay for insurance policies for their employees or face a fine of $2,000 per employee per year. Firms with fewer than 50 employees are exempt.

PPACA

The Patient Protection and Affordable Care Act (PPACA), commonly known as Obamacare, is a United States federal statute enacted to increase health insurance quality and affordability, lower the uninsured rate by expanding public and private insurance coverage, and reduce the costs of healthcare for individuals and the government.

Personal Mandate

A requirement for individuals to purchase or otherwise obtain a particular good or service; often used in the context of compulsory health insurance.

PPACA

Patient Protection and Affordable Care Act; a comprehensive health care reform law enacted in March 2010, primarily known for its aim to increase health insurance coverage to more Americans.