Profit is the difference between _____ and _____.

A) total sales;total revenues
B) total profits;total costs
C) total revenues;total costs
D) marginal costs;marginal revenues

Total Revenues

The total amount of money generated by a firm from its sales activities before any costs or expenses are subtracted.

Total Costs

An alternate formulation for the sum of all expenses incurred in the production of goods or services, reflecting both fixed and variable components.

Profit

The financial gain obtained when the revenue from business activities exceeds the costs and expenses associated with operating the business.