True
Profit
Economic profits are not costs of production since the entrepreneur does not require the gaining of an economic profit to keep the firm operating. In economics, costs are whatever is required to keep a firm operating.
profit maximization is the (short run) process by which a firm determines the price and output level that returns the greatest profit
No... The contribution margin is the dollar amount of each unit of output that is available first to cover fixed costs and then to contribute to profit.
production costs increase so that producers need to charge more to make a profit
True
profit
Gross Profit
Yes profit means money that remains after a costs of running a business
A profit is the money that remains after all the costs have been paid.
nett
profit
The projected turnover is usually the amount of units expected to be sold over a financial period. It can help a company make profit projections if they factor in the costs of production.
profits
Profit
Profit
Economic profits are not costs of production since the entrepreneur does not require the gaining of an economic profit to keep the firm operating. In economics, costs are whatever is required to keep a firm operating.