What Is The Best Definition Of Profit? Profit describes the financial benefit realized when revenue generated from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity in question. … Profit is calculated as total revenue less total expenses. What is profit very short answer? In general, the profit is defined
What Is The Marginal Revenue For A Competitive Firm? A competitive firm’s marginal revenue always equals its average revenue and price. This is because the price remains constant over varying levels of output. What is revenue of a competitive firm? The total revenue for a firm in a perfectly competitive market is the product of
Does Monopolistic Competition Have Economic Profit? Does monopolistic competition have economic profit? Companies in a monopolistic competition make economic profits in the short run, but in the long run, they make zero economic profit. Why is there no profit in monopolistic competition? In the long-run, the demand curve of a firm in a monopolistic competitive