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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

“Profit is not simply a dollar amount; it is a signal.” Comment.

To determine

Explain the profit of a firm as a signal in an economy.

Explanation

Profit is the excess of the revenues over expenditure in the given period of time. It can be treated as a signal more than just a dollar amount. The reason is that in a competitive market, the profit of a firm indicates that people demand the particular product...

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