Multiple Choice QuestionTotal revenue less (that is, minus) total cost is known asMultiple choice question.elasticity.income.demand.profit.

Break Down the Problem

1. Understand the terms:
   • Total Revenue (TR)
   • Total Cost (TC)
   • Profit (π)
2. Identify which term corresponds to the formula TR - TC.

Relevant Concepts

1. Total Revenue (TR): The total income generated from selling goods or services.
2. Total Cost (TC): The total expenses incurred in producing goods or services.
3. Profit (π): Defined as $\pi = TR - TC$.

Analysis and Detail

• Given the definitions, we assess that profit is specifically referred to as the amount left after subtracting total costs from total revenue.

Verify and Summarize

• Profit is indeed defined as the residual amount when total cost is deducted from total revenue. Thus, among the options provided:
  • Elasticity does not relate to revenue or cost.
  • Income generally refers to total revenue but does not address the relationship with cost.
  • Demand relates to how much product consumers are willing to buy but does not calculate revenues or costs directly.

Final Answer

The correct answer is profit.