Profit Maximization
The process of adjusting the price and output level to obtain the most profit. (MC=MR)
It involves maximizing the degree to which total revenue is greater than total cost. (TR > TC) Firms want to produce every single good that contributes more to total revenue than it contributes to total costs. A profit maximizing firm will therefore produce every single good with an MR greater than its MC. A firm should keep increasing its output as long as MR is greater than MC or eventually get to profit maximizing equilibrium which is where MC = MR.
Sales/Revenue Maximization
The process of adjusting the price and output level to obtain the most sales. (MR=0)