passwella.
Menu

WAEC Economics 2008 Question 16

Question 16

Theory of Costs and Revenue

Revenue is the

  1. A.cost of good multiplied by the quantity sold
  2. B.price of good multiplied by the quantity sold
  3. C.quantity of good plus purchase price
  4. D.quantity supplied less quantity sold.
Show the answer and explanation

Answer: B (price of good multiplied by the quantity sold)

Explanation

Total revenue = price × quantity sold.