Total revenue can be defined as:
A. the total amount a firm spends on all inputs used in production.
B. the amount that a firm spends on all inputs that go into making a good or service.
C. the amount that a firm receives from the sale of goods and services.
D. the total number of sales of a good or service by a firm.
Answer: C
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The burdens of the national debt generally fall on
A) the present generation. B) past generations. C) future generations. D) all of the above.
Which of the following describes the difference between the market demand curve for a perfectly competitive industry and the demand curve for a firm in this industry?
A) The market demand curve is downward sloping; the firm's demand curve is a vertical line. B) The market demand curve is downward sloping; the firm's demand curve is a horizontal line. C) The market demand curve is a horizontal line; the firm's demand curve is downward sloping. D) The market demand curve can not have a constant slope; the firm's demand curve has a slope equal to zero.