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11 June, 04:29

When the revenue for a business is less than its costs, it is making a profit.

TRUE/FALSE

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Answers (1)
  1. 11 June, 05:12
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    Answer: false

    Explanation:

    A firm is making profit when total revenue is greater than total cost.

    A firm is making a loss when total revenue is less than total cost.

    Profit or loss can either be accounting or economic.

    Accounting profit or loss = Total revenue - Explicit cost

    Economic profit or loss = Accounting profit or loss - implicit cost.
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