profit quizlet

What Is The Best Definition Of Profit?

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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 Must Producers Do To Generate Higher Profits?

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What Must Producers Do To Generate Higher Profits? The general rule is that the firm maximizes profit by producing that quantity of output where marginal revenue equals marginal cost. The profit maximization issue can also be approached from the input side. How do producers maximize their profit? The general rule is that the firm maximizes