A(n) profit simply indicates that the firm is doing just as well as it would have if it had chosen to use its resources to produce a different product or to compete in a different industry.

profit creates an incentive for other perfectly competitive firms to enter the market. (Use one word for the blank.)

Profit is:YOUR ANSWERYour Answerthe income a business makes.the same as revenue.totally dependent on the costs of a business.the difference between a business’s revenue and costs.

When the total revenue earned by a firm is less than the total cost of production the firm faces a(n)

1-2 Economic profit​a.is a theoretical measure of a firm’s performance and has little value in real world decision making.​b.can be calculated by subtracting implicit costs of using owner-supplied resources from the firm’s total revenue.​c.is negative when total costs exceed total revenues.​d.is generally larger than accounting profit. ​

Profit is defined asGroup of answer choicesnet revenue minus depreciation.total revenue minus total cost.average revenue minus average total cost.marginal revenue minus marginal cost.