Letters Are Used to Represent the Terms Used to Answer

question 74

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 profit?

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

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Definitions:

Negotiable Instrument

A written, signed document that promises payment of a specified sum of money to the bearer or a named party.

Pay To The Order

A directive on a negotiable instrument, such as a check, indicating that the designated amount should be paid to the entity or person specified.

Drawer

The person who writes or issues a check, draft, or bill of exchange, thereby creating an obligation to pay.

Payee

The individual or entity to whom money is payable, typically the recipient of a check or electronic payment.