Asked by Adriana PreciousLatina on Apr 24, 2024
Verified
Total revenue divided by output equals
A) marginal cost.
B) average total cost.
C) price.
D) average variable cost.
Total Revenue
The entire sum of funds a company acquires from selling goods or offering services over a specific duration.
- Examine how cost curves and market price affect decisions regarding output.
Verified Answer
PS
Patrycja SzymikMay 02, 2024
Final Answer :
C
Explanation :
Total revenue divided by output gives us the price of the product. Marginal cost is the additional cost of producing one more unit of output, average total cost is the total cost divided by output, and average variable cost is variable cost divided by output.
Learning Objectives
- Examine how cost curves and market price affect decisions regarding output.