WAEC Economics 2014 Objective — Question 21
Question 21 of 50 from the West African Examinations Council (WAEC) Economics 2014 Objective paper, with the correct answer and a full explanation.
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The profit of a producer is the difference between
- A. total cost and marginal cost
- B. total revenue and total costCorrect
- C. average cost and total cost
- D. price and total cost
Explanation
Profit is the difference between total revenue and total cost: π = TR − TC.
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