Total revenue is:
a) The profit a company earns from the sales of goods.
b) Equal to revenues minus the costs of production.
c) The price of a product times the quantity sold in a given time period.
d) The additional revenue earned from the sale of one more unit.
Answer: c) The price of a product times the quantity sold in a given time period.
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When a society's economic institutions provide secure property rights, set up a judicial system that enforces contracts and upholds the law, allow private parties to sign contracts for economic and financial transactions, and maintain relatively free
entry into different businesses and occupations, the institutions in the society can be said to be: A) inclusive. B) extractive. C) exogenous. D) exclusive.
In response to an unanticipated easing of monetary policy, the price level ________ at first, then ________ after a year
A) rises; returns most of the way to its original value B) falls; returns most of the way to its original value C) remains roughly unchanged; begins to rise D) remains roughly unchanged; begins to fall