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Sagot :
A firm's total revenue can be determined by price and quantity. Hence, Option 5 is correct.
What is the total revenue?
A profit or an income that is generated by a company after selling products or services is known as total revenue. It is also known as gross revenue. Let's understand total revenue with the help of an example:
No. of products sold = 25
The price of each item is $20.
Total revenue = price × quantity
= 20 × 25
= $500
The total revenue of the firm is $500.
Thus, Total revenue can be determined with option 5: price× quantity.
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