Asked by
PATTRAPORN CHONGPERMSUP
on Oct 27, 2024
Verified
Total revenue is a firm's:
A) change in revenue resulting from a unit change in output.
B) ratio of revenue to quantity.
C) difference between revenue and cost.
D) total output times the price of that output.
Total Revenue
The overall amount of money received by a firm from selling its goods or services, calculated by multiplying the price by the quantity sold.
Output
The total quantity of goods or services produced by an individual, firm, or country over a specified period.
- Explain the relationship between total revenue, total cost, and profit.
Verified Answer
SG
Learning Objectives
- Explain the relationship between total revenue, total cost, and profit.
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