If a firm is to create profit,the first condition is that it must supply a product for which the price the customer is willing to pay exceeds the cost incurred in supplying that product.

Question

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This statement is true. For a firm to make a profit, the price the customer is willing to pay for their product must be higher than the cost the firm incurs to produce and supply that product.

If a Firm Is to Create Profit,the First Condition Is