____ is the difference between the firm's revenues (total dollar sales) and the total costs it runs up to make those sales.

Question

Quizplus · Accepted Answer

Profit is specifically defined as the difference between a firm's total revenues (total dollar sales) and the total costs (including both fixed and variable costs) it runs up to make those sales. It represents the amount a firm earns after all expenses are deducted from its total revenues.

____ Is the Difference Between the Firm's Revenues (Total Dollar