Answer
Revenue is the amount of money a company receives during a period of time.
Profit is the revenue minus the amount spent in buying, operating, or producing something.
Firms maximize profit.
Principles of Economics, 7th Edition
by Mankiw, N. Gregory
Published by
South-Western College
ISBN 10:
128516587X
ISBN 13:
978-1-28516-587-5
Chapter 14 - Part V - Firms in Competitive Markets - Questions for Review - Page 296: 2
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