In Any Market,total Revenue Is Calculated by Taking the Price

question 70

Multiple Choice

In any market,total revenue is calculated by taking the price of the good and

• A)dividing it by the price elasticity of demand.
• B)multiplying it by the price elasticity of demand.
• C)multiplying it by the quantity of the good.
• D)multiplying it by the quantity of the good and then subtracting the costs of production.

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Definitions:

Profit Center

A separate business unit or department within a company that is responsible for generating its own revenue and profit.

Cost Center

A department within a company that does not directly add to profit but still incurs costs, such as the customer service department.

Managerial Responsibility

The accountability of managers to make decisions and oversee a company's operations to meet its goals.

Cost Controllability

The ability of a manager or business to influence or manage the costs associated with business operations.