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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

Correct Answer:

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