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. Profit=(PxQ)-(TCxQ), where P is price, Q is output, and TC is total cost.OB. Profit=P-MC, where P is price and MC is marginal cost.OC. Profit=PxQ, where is price and Q is output.O D. Profit=P-ATC, where P is price and ATC is average total cost.O E. Profit= (P-ATC) XQ, where P is price, Q is output, and ATC is average total cost.

Profit is the excess of total revenue over total cost. It is calculated by subtracting 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. Profit=(PxQ)-(TCxQ), where P is price, Q is output, and TC is total cost. B. Profit=P-MC, where P is price and MC is marginal cost. OC. Profit=PxQ, where P is price and Q is output. OD. Profit=P-ATC, where P is price and ATC is average total cost. O E. Profit= (P-ATC) x Q, where P is price, Q is output, and ATC is 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. Profit=(PxQ)-(TCxQ), where P is price, Q is output, and TC is total cost. B. Profit=P-MC, where P is price and MC is marginal cost. OC. Profit=PxQ, where P is price and Q is output. OD. Profit=P-ATC, where P is price and ATC is average total cost. O E. Profit= (P-ATC) x Q, where P is price, Q is output, and ATC is average total cost.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter12: Firms In Perfectly Competitive Markets

Section: Chapter Questions

Problem 9P

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