Use the following to answer question(s):
Exhibit: Total Revenue, Total Cost, and Economic Profit

-(Exhibit: Total Revenue, Total Costs, and Economic Profit) As long as the total revenue curve is ________ than the total cost curve, economic profit _______ as output _______.

Question

Use the following to answer question(s): 
Exhibit: Total Revenue, Total Cost, and Economic Profit
 
-(Exhibit: Total Revenue, Total Costs, and Economic Profit) As long as the total revenue curve is ________ than the total cost curve, economic profit _______ as output _______.

Quizplus · Accepted Answer

When the total revenue curve is steeper than the total cost curve, it means that revenue is increasing at a faster rate than costs as output increases, leading to an increase in economic profit.

Use the Following to Answer Question(s)