Q. Which of the following correctly defines the Economic profit?
Answer: Total revenue – Total cost
Notes: Profit for any firm is the surplus of revenue over the total cost of production. It is the extra money generated over the cost of production.
Profit = Total Revenue – Total cost

This question is part of 40000+ General Studies MCQ Series Course on GKToday Android app. Question Number: 72 in 1. Important Concepts in Micro & Macroeconomics in above course in App.