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.

1-3 Economic profit is the difference between​a.total revenue and the opportunity cost of all of the resources used in production.​b.total revenue and the implicit costs of using owner-supplied resources.​c.accounting profit and the opportunity cost of the market-supplied resources used by the firm.​d.accounting profit and explicit costs.​​

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.

What can we be sure about the revenue a business earns?YOUR ANSWERYour AnswerRevenue is the income a business earns from the sales it makes.The revenue it earns at some stage will decrease.It is difficult to increase revenue.A business cannot change the revenue it earns, so it will remain the same.

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 will result if gross profit exceeds: Group of answer choices cost of sales. operating expenses. purchases. cost of goods sold plus operating expenses.