Concept of Revenue – Total, Average And Marginal Revenue - SS2 Economics Past Questions and Answers - page 1
What is total revenue?
The revenue a firm earns per unit of output
The additional revenue a firm earns from selling one more unit of output
The total amount of money a firm earns from selling its products
None of the above
What is average revenue?
The revenue a firm earns per unit of output
The additional revenue a firm earns from selling one more unit of output
The total amount of money a firm earns from selling its products
None of the above
What is marginal revenue?
The revenue a firm earns per unit of output
The additional revenue a firm earns from selling one more unit of output
The total amount of money a firm earns from selling its products
None of the above
If a firm sells 10 units of a product for $10 each, what is its total revenue?
$10
$100
$50
None of the above
Define total revenue.
Define marginal revenue.