A firm's total revenue minus its explicit cost is called itsGroup of answer choiceseconomic profit.abnormal profit.accounting profit.normal profit.

Profit is defined asGroup of answer choicesnet revenue minus depreciation.total revenue minus total cost.average revenue minus average total cost.marginal revenue minus marginal cost.

Total revenue minus total cost is equal toGroup of answer choicesprofit.consumer surplus.producer surplus.retained earnings.dividends.

Profit is calculated as revenue minus total costs.Group of answer choicestruefalse PreviousNext

The Sales of a company minus its Cost of Goods Sold are equal to:Group of answer choicesthe gross profit.the operating expenses.the net profit.the variable expenses.

Total revenue minus total cost is equal toGroup of answer choicesthe rate of return.marginal revenue.profit.net cost.