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| 1. |
Define profits. |
| Answer» <html><body><p></p>Solution :The <a href="https://interviewquestions.tuteehub.com/tag/profits-1168748" style="font-weight:bold;" target="_blank" title="Click to know more about PROFITS">PROFITS</a> of a producer is defined as the <a href="https://interviewquestions.tuteehub.com/tag/difference-951394" style="font-weight:bold;" target="_blank" title="Click to know more about DIFFERENCE">DIFFERENCE</a> between <a href="https://interviewquestions.tuteehub.com/tag/total-711110" style="font-weight:bold;" target="_blank" title="Click to know more about TOTAL">TOTAL</a> revenue and total costs,<br/> i.e., ` "" ` Profit = <a href="https://interviewquestions.tuteehub.com/tag/tr-661737" style="font-weight:bold;" target="_blank" title="Click to know more about TR">TR</a> - TC. <br/> Profit is the same thing as abnormal profits or super normal profits.</body></html> | |