Total Revenue Is Equal to

question 202

Multiple Choice

Total revenue is equal to

• A) marginal cost × quantity.
• B) price × quantity.
• C) total revenue × quantity.
• D) the market price.

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Definitions:

Test Worthiness

Determined by an objective analysis of a test in four critical areas: (1) validity: whether or not it measures what it is supposed to measure; (2) reliability: whether or not the score an individual receives on a test is an accurate measure of his or her true score; (3) cross-cultural fairness: whether or not the score the individual obtains is a true reflection of the individual and not a reflection of cultural bias inherent in the test, and (4) practicality: whether or not it makes sense to use a test in a particular situation.

Cross-cultural Fairness

The extent to which assessments, tests, or measures are equitable and free of cultural bias across different cultural or ethnic groups.

Statistical Formation

Refers to the process of organizing and summarizing data through the use of tables, graphs, and statistical measures to make the data understandable and usable.

Correlation

A statistical measure that indicates the extent to which two or more variables fluctuate together, showing the strength and direction of a relationship.