It is false that Profit is the dollar amount a firm collects from its customers after selling its goods or services.
What is profit?
Profit refers to the surplus that comes after deducting cost from the revenue made. It is defined as gain, especially when achieved by increasing the price of goods.
The above means that the dollar value received after deducting cost from revenue made by a firm is termed profit.
Hence, profit is not the dollar amount a firm collects from its customers after selling its goods or services.
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