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WAEC Agricultural Science 2008 Question 56

Question 56

Basic Agricultural Economics

A farm business makes profit when

  1. A.total revenue equals total cost
  2. B.total cost exceeds total revenue
  3. C.total revenue exceeds total cost
  4. D.average cost equals total revenue.
Show the answer and explanation

Answer: C (total revenue exceeds total cost)

Explanation

Profit is revenue above cost.