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Question
Fill in the blank with appropriate alternative given below
Total Revenue ÷ Number of units Sold = ________________ .
Options
Average Cost
Average Revenue
Marginal Cost
Total Cost
MCQ
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Solution
Total Revenue ÷ Number of units Sold = Average Revenue.
Explanation:
Average revenue is the revenue earned per unit of output sold. It is equal to total revenue divided by total number of units sold. Algebraically,
`"Total Revenue"/"Number of Units Sold" = "Average Revenue"`
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