The Additional Revenue Received by a Firm from Selling One

question 63

Multiple Choice

The additional revenue received by a firm from selling one more unit of output is known as

• A)total revenue
• B)price
• C)average revenue
• D)marginal cost
• E)marginal revenue

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Definitions:

Owner's Equity

The residual interest in the assets of a business after deducting liabilities, representing the owners' claim against the company’s assets.

Error Correction

A process in accounting used to rectify inaccuracies or mistakes in financial records and statements.

Inventory Costing Method

A system used to value inventory, including methods such as FIFO (First In, First Out), LIFO (Last In, First Out), and weighted average cost.

Fiscal Year End

The closing date of a 12-month accounting period upon which a company completes its annual financial reporting and determines net income.