Which of the following is an expression of profit for a perfectly competitiveβ firm?
Profit for a perfectly competitive firm can be expressed as
A. Profitequals=left parenthesis Upper P minus TC right parenthesis times Upper Q(PβTC)ΓQβ, where P isβ the price, Q isβoutput, 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(PΓQ)β(ATCΓQ)β, where P isβ the price, Q isβ output, and ATC is the average total cost.
C. Profitequals=PtimesΓβQ, where P is price and Q is output.
D. Profitequals=PminusββMC, where P is price and MC is marginal cost.
E. Profitequals=PminusββATC, where P is price and ATC is the average total cost