Total revenue represents the amount that:
A) sellers receive for a good or service which is computed as P / Q.
B) sellers receive for a good or service which is computed as P ´ Q.
C) one buyer spends on a good or service which is computed as P ´ Q.
D) one buyer spends on a good or service which is computed as P / Q.

Question

Quizplus · Accepted Answer

Total revenue is the amount of money that sellers receive for selling their goods or services. It is calculated by multiplying the price of the good or service by the quantity sold (P x Q). Therefore, choice B is the correct answer as it represents the definition of total revenue.

Total Revenue Represents the Amount That