The amount of money that a firm recieves from the sales of its output is...

Economics

WAEC 2017

The amount of money that a firm recieves from the sales of its output is called

A. total profit
B. total revenue
C. total cost
D. average revenue

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Correct Answer: Option B

Explanation

Total revenue in economics refers to the total receipts/ income from sales of a given quantity of goods or services. It is the total income of a business and is calculated by multiplying the quantity of goods sold by the price of the goods.

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The amount of money that a firm recieves from the sales of its output is...

Correct Answer: Option B

Explanation

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