WAEC Economics 2017 Objective — Question 20
Question 20 of 50 from the West African Examinations Council (WAEC) Economics 2017 Objective paper, with the correct answer and a full explanation.
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The amount of money that a firm receives from the sale of its output is called
- A. A. total profit
- B. B. total cost
- C. C. total revenueCorrect
- D. D. average revenue
Explanation
Total Revenue is the revenue received from the sales of a given level of output. While Average Revenue is obtained by selling per unit commodity.
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