The Formula, Total Revenue-Total Cost, or (Unit Price X Quantity

question 372

Multiple Choice

The formula, Total revenue-Total cost, or (Unit price x Quantity sold) -(Fixed cost + Variable cost) represents _________.

• A)the profit equation
• B)marginal revenue
• C)total revenue
• D)average revenue
• E)break-even point

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Definitions:

Condition Subsequent

A condition in a contract that operates to terminate a party’s absolute promise to perform.

Express Condition

A clearly stated, specific requirement within a contract that must be met for the contract to be fulfilled or an obligation to become due.

Contractual Obligation

A duty or commitment that one party is legally required to perform as per the terms of a contract.

Market Price

The current price at which an asset or service can be bought or sold in a given market.