total money received from the sale of a product is referred to as __________.
A) profit
B) total revenue
C) average revenue
D) marginal revenue
E) derived demand

Question

Quizplus · Accepted Answer

Total revenue refers to the amount of money received from the sale of a product, before deducting any expenses. Profit, on the other hand, is the total revenue minus the total costs of producing the product. Average revenue is the total revenue divided by the quantity sold, and marginal revenue is the additional revenue generated by selling one more unit of the product. Derived demand refers to the demand for a product that arises from the demand for another product or service.

Total Money Received from the Sale of a Product Is