What does total revenue measure?
A
Average revenue (AR) is the money received from each additional unit.
B
Total revenue (TR) is the money received from sales.
C
Total cost (TC) is the money spent on production.
D
Marginal revenue (MR) is the total profit from production.
7.5.8 definition and calculation of revenue: total, average and marginal revenue (TR, AR, MR) Flashcards
25 flashcards on CIE Intl A Level Economics 7.5.8 definition and calculation of revenue: total, average and marginal revenue (TR, AR, MR): the key terms and definitions you need to recall.