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WAEC Economics 2007 Question 9

Question 9

Theory of Costs and Revenue

Revenue is the

  1. A.total profit made after sales.
  2. B.amount spent on purchases.
  3. C.amount of goods produced.
  4. D.total money realized from sales.
Show the answer and explanation

Answer: D (total money realized from sales.)

Explanation

Revenue is the money a firm receives from selling its output (price × quantity).