The answer to your question is true.
Total Revenues
The price at which a firm sells one unit of its product is known as Selling Price.
A firm will sell a certain number of units during a given period – day, week, month, year etc.
When we multiply the Selling price and the quantity sold by a firm we get total revenues of a frim for a given period.
Answer:
Explanation:
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The great economic problem is how to arrange our limited resources to satisfy as many of our wants as possible. Resources are not equally valuable in all uses, so we must choose where to allocate our resources in order to get the most value out of those resources
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The main difference between them is that real GDP is adjusted for price changes that caused by either inflation (which will increase price of products) or Deflatio (which will lower price of products).
<span>Nominal GDP on the other hand, is calculated at current market value without considering both inflation and deflation. </span>
