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11 Dec 2019
Which of the following is an expression of profit for a perfectly competitive firm?
Profit for a perfectly competitive firm can be expressed as
A. Profitequals=left parenthesis Upper P minus TC right parenthesis times Upper Q(P−TC)×Q, where P is the price, Q isoutput, and TC is the total cost.
B. Profitequals=left parenthesis Upper P times Upper Q right parenthesis minus left parenthesis ATC times Upper Q right parenthesis(P×Q)−(ATC×Q), where P is the price, Q is output, and ATC is the average total cost.
C. Profitequals=Ptimes×Q, where P is price and Q is output.
D. Profitequals=Pminus−MC, where P is price and MC is marginal cost.
E. Profitequals=Pminus−ATC, where P is price and ATC is the average total cost
Which of the following is an expression of profit for a perfectly competitive firm?
Profit for a perfectly competitive firm can be expressed as
A. Profitequals=left parenthesis Upper P minus TC right parenthesis times Upper Q(P−TC)×Q, where P is the price, Q isoutput, and TC is the total cost.
B. Profitequals=left parenthesis Upper P times Upper Q right parenthesis minus left parenthesis ATC times Upper Q right parenthesis(P×Q)−(ATC×Q), where P is the price, Q is output, and ATC is the average total cost.
C. Profitequals=Ptimes×Q, where P is price and Q is output.
D. Profitequals=Pminus−MC, where P is price and MC is marginal cost.
E. Profitequals=Pminus−ATC, where P is price and ATC is the average total cost
manhokwe tawandaLv10
13 Oct 2020
