Concept of Revenue – Total, Average And Marginal Revenue - SS2 Economics Past Questions and Answers - page 1
1
What is total revenue?
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A
The revenue a firm earns per unit of output
B
The additional revenue a firm earns from selling one more unit of output
C
The total amount of money a firm earns from selling its products
D
None of the above
2
What is average revenue?
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A
The revenue a firm earns per unit of output
B
The additional revenue a firm earns from selling one more unit of output
C
The total amount of money a firm earns from selling its products
D
None of the above
3
What is marginal revenue?
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A
The revenue a firm earns per unit of output
B
The additional revenue a firm earns from selling one more unit of output
C
The total amount of money a firm earns from selling its products
D
None of the above
4
If a firm sells 10 units of a product for $10 each, what is its total revenue?
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A
$10
B
$100
C
$50
D
None of the above
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