Which of the following is an expression of profit for a perfectly competitive firm? Profit for a perfectly competitive firm can be expressed as A. Profit=(PxQ)-(TCxQ), where P is price, Q is output, and TC is total cost. B. Profit=P-MC, where P is price and MC is marginal cost. OC. Profit=PxQ, where P is price and Q is output. OD. Profit=P-ATC, where P is price and ATC is average total cost. O E. Profit= (P-ATC) x Q, where P is price, Q is output, and ATC is average total cost.
Which of the following is an expression of profit for a perfectly competitive firm? Profit for a perfectly competitive firm can be expressed as A. Profit=(PxQ)-(TCxQ), where P is price, Q is output, and TC is total cost. B. Profit=P-MC, where P is price and MC is marginal cost. OC. Profit=PxQ, where P is price and Q is output. OD. Profit=P-ATC, where P is price and ATC is average total cost. O E. Profit= (P-ATC) x Q, where P is price, Q is output, and ATC is average total cost.
Chapter12: Firms In Perfectly Competitive Markets
Section: Chapter Questions
Problem 9P
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