The figure given below shows three Short Run Average Total Cost (SRATC) curves and the Long Run Average Total Cost (LRATC) curve of a firm.Figure 8.3

-Profit is the difference between:
A)total output and total costs.
B)total revenue and total costs.
C)total revenue and total sunk costs.
D)total output and total sunk costs.
E)total revenue and opportunity costs.

Question

The figure given below shows three Short Run Average Total Cost (SRATC) curves and the Long Run Average Total Cost (LRATC) curve of a firm.Figure 8.3
 
-Profit is the difference between:
A)total output and total costs. 
B)total revenue and total costs. 
C)total revenue and total sunk costs. 
D)total output and total sunk costs. 
E)total revenue and opportunity costs.

Quizplus · Accepted Answer

The Answer is B

The Figure Given Below Shows Three Short Run Average Total