1. An increase in output does not mean an increase in:
- Variable costs.
- Direct costs.
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2. What is revenue sometimes called?
3. 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.
4. How do you calculate total revenue?
- Quantity sold x Average profit.
- Quantity sold x Average price.
- Quantity sold x Average cost.
5. How do you calculate profit?
- Subtracting total costs from total revenue.
- Multiplying the quantity sold by price.
- Subtracting total revenue from total costs.