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WAEC Economics 2017 Question 20

Question 20

Theory of Costs and Revenue

The amount of money that a firm receives from the sale of its output is called

  1. A.total profit.
  2. B.total revenue.
  3. C.total cost.
  4. D.average revenue.
Show the answer and explanation

Answer: B (total revenue.)

Explanation

Total revenue is all the money from sales.