The Difference Between Total Revenue and Total Cost Is

question 98

Multiple Choice

The difference between total revenue and total cost is:

• A)economic profit or loss.
• B)nominal revenue.
• C)average revenue.
• D)marginal revenue.

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Definitions:

Demand For Labor

The total amount of workers that employers are willing and able to hire at a given wage rate in the labor market.

Variable Inputs

Factors of production that can be adjusted in the short term to change the level of output, such as labor or raw materials.

Production Process

The sequence of steps or operations involved in the production and manufacture of goods or services, transforming inputs into finished products.

Supply Of Labor

The total hours that workers are willing and able to work at a given wage rate.