Profits are:

Name: Profits are:
Brand: Quizplus
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Question

Profits are:

Quizplus · Accepted Answer

Profits are calculated as the difference between total revenue (TR) and total cost (TC). Producers aim to maximize profits by producing and selling goods and services at a price that covers their costs and generates a positive difference between revenue and costs. Therefore, the correct answer is D - profits are the value of production minus the cost of producing the output (A) and are calculated as TR minus TC (B), and producers aim to maximize profits (C).

Profits Are