Asked by Catherine Renshaw on May 16, 2024
Verified
A firm's total output times the price at which it sells that output is _____ revenue.
A) net
B) total
C) average
D) marginal
Total Revenue
The total amount of money received by a company from sales of its products or services before any expenses are subtracted.
Total Output
The total quantity of goods or services produced by a firm or economy.
- Familiarize oneself with the dynamics of marginal revenue, marginal cost, and their role in optimizing profits in a perfectly competitive environment.
Verified Answer
AZ
Aleah ZainulMay 21, 2024
Final Answer :
B
Explanation :
Total revenue is calculated by multiplying the firm's total output with the price at which it sells that output. Therefore, option B, "total" is the correct answer.
Learning Objectives
- Familiarize oneself with the dynamics of marginal revenue, marginal cost, and their role in optimizing profits in a perfectly competitive environment.