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WAEC Economics 2014 Question 21

Question 21

Theory of Costs and Revenue

The profit of a producer is the difference between

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

Answer: B (total revenue and total cost.)

Explanation

Profit = total revenue − total cost.