which of the following can be added to a firm's profit to obtain total revenue

Assessment: WAEC SSCE - Economics - 2017 (Objective) Subject: Economics

Question 1 Report

which of the following can be added to a firm's profit to obtain total revenue

Answer Details
Total revenue is the total amount of money a firm receives from selling its products or services. To calculate total revenue, you need to add up all the money earned from selling each unit of the product or service. Therefore, the only option that can be added to a firm's profit to obtain total revenue is "total revenue" itself. Total variable cost, total fixed cost, and marginal cost are not directly related to total revenue but are used to calculate profit.
Read lesson note on The Theory Of Supply (JAMB)
Read lesson note on The Theory Of Demand (JAMB)
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