Other questions in this quiz

2. How do you calculate total revenue?

  • Quantity sold x Average price.
  • Quantity sold x Average cost.
  • Quantity sold x Average profit.

3. A firm sells 10 units at £5 each. Its total costs are £30. How much profit is made?

  • A £20 profit is made.
  • A £50 profit is made.
  • A £20 loss is made.

4. What does the amount of revenue a business earns each month depend on?

  • Both selling price and quantity sold.
  • Quantity sold.
  • Selling price.

5. What does 'total cost' mean?

  • The total expenses of a firm.
  • The total income earned by a firm.
  • The total amount of profit earned by a firm.


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