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 - TC B) P - ATC C) (P - ATC) × Q D) (P × Q) - TC
B
Economics
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When a monopolist sells the same product at different prices and the prices are related to cost differences, we have
A) monopoly pricing. B) marginal cost pricing. C) price discrimination. D) price differentiation.
Economics
A firm can use its demand curve to calculate
A. total revenue. B. economic profit. C. production costs. D. accounting profit.
Economics