Question

A firm's total revenue can be determined by Group of answer choices None of the Answers are Correct. Fixed costs minus quantity. Total costs minus variable costs. Profits minus costs. Price times quantity.

Answer 1

A firm's total revenue can be determined by price and quantity. Hence, Option 5 is correct.

What is the total revenue?

A profit or an income that is generated by a company after selling products or services is known as total revenue. It is also known as gross revenue. Let's understand total revenue with the help of an example:

No. of products sold = 25

The price of each item is $20.

Total revenue = price × quantity

= 20 × 25

= $500

The total revenue of the firm is $500.

Thus, Total revenue can be determined with option 5: price× quantity.

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