Total revenue decreases as the price of a good increases. true or false

Business

1 answer:

Ipatiy [6.2K]2 years ago

8 0

Answer: False

Explanation:

Total Revenue is the total amount that is received in return on sales of goods and services.

It is calculated as Price multiply by Quantity.

If the price of a product increases the revenue would also increase ceteris paribus( all things being equal). If the price of a product was $10 and 4 units were purchased Total revenue would be $40 and if price increases to $20 and 4 units were still purchased total revenue would be $80 assuming that we’re not taking into consideration any other factor like elasticity or type of good.

If price increases revenue increases too.

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