The profit of a producer is the difference betw... - WAEC Economics 2014 Question
The profit of a producer is the difference between
A
total cost and marginal cost
B
total revenue and total cost
C
average cost and total cost
D
price and total cost
correct option: b
Total profit is determined by subtracting total costs from revenues. Total revenue is determined by multiplying the price received for each unit sold by the number of units sold.
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