The amount that a firm receives from the sale of goods and services is:
A) total profit.
B) total revenue.
C) total surplus.
D) total benefit.

Question

Quizplus · Accepted Answer

The amount that a firm receives from the sale of goods and services is called total revenue. Total profit is the amount left after subtracting total cost from total revenue. Total surplus is the difference between the total benefit received by all parties involved in a market transaction and the total cost of the transaction. Total benefit is the overall gain or benefit received from a good or service, which could include non-financial factors like convenience or enjoyment. Therefore, the correct answer is B - total revenue.

The Amount That a Firm Receives from the Sale of Goods