Income That Will Be Assumed to Be Available Regardless of Whether

question 13

Short Answer

Income that will be assumed to be available regardless of whether it is actually available is called income.

---

Definitions:

Total Revenue

The total amount of money a company receives from selling its goods or services without deducting any costs.

Total Cost

The aggregate amount of expenses incurred in the production of goods or services, including both fixed and variable costs.

Marginal Cost

The increase in total cost that arises from producing one additional unit of a good or service.

Average Variable Cost

The total variable costs divided by the quantity of output produced; it varies with output levels.