A. total variable cost
B. total fixed cost
C. marginal cost
D. total revenue
Correct Answer: Option D
D. total revenue
Explanation
Total Revenue (TR) is calculated by multiplying the quantity of goods sold (Q) by the price of the goods (P). For example, if you sold 120 pens for 2$ each: To find your Profit: You will have to subtract the Total Cost (TC) from your Total Revenue(TR).
Profit Recall that we defined a firm s short-run total costs as: Total Cost = TFC + TVC. Now we can define economic profit: Profit = Total Revenue – Total Cost
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