Question on: WAEC Economics - 2017
The amount of money that a firm recieves from the sales of its output is called
A
total profit
B
total revenue
C
total cost
D
average revenue
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Correct Option: B
Total revenueĀ in economics refers to theĀ totalĀ receipts/ income from sales of a given quantity of goods or services. It is theĀ totalĀ income of a business and is calculated by multiplying the quantity of goods sold by the price of the goods.
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