The correct answer is difference between. • The profit of a firm is the difference between the total revenue earned and the total cost incurred. Explanation & Key Takeaways: • Profit is the surplus left from revenue after paying all costs. • Profit is found by deducting total costs from revenue. • Profit = Total revenue - Total costs • Revenue is the amount of money that a business brings in by selling its goods or services at a certain price. • The total revenue represents the total amount of money earned by a business, and marginal revenue refers to the increase in revenue achieved by selling one additional unit of a product or service. • Total cost is all the costs incurred in producing something or engaging in an activity.