The total revenue received by sellers of a good is the same
amount as the
Multiple Choice
-total income earned by the buyers.
-total amount spent on the good by the buyers.
-price paid by the buyers for each unit of the good.
-profits earned by the sellers of the good.
Answer
The total revenue is equal to the price of a good times the
quantity of good sold by seller and purchase by buyer at that
price.
Thus the total revenue received by sellers of a good is the same
amount as the total amount spent on the goods by the buyers.
So, the correct answer is an option (B)
