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Practice Exam Questions

Price and Total Revenue (Multiple Choice Question)

Level:
A-Level, IB Diploma
Board:
AQA, Edexcel, Eduqas, IB, OCR, WJEC

Last updated 3 Nov 2017

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Here is an exam question testing student understanding of the relationship between average revenue (demand) and total revenue.

Price and Total Revenue

What is total revenue?

Total revenue (TR) is found by multiplying price (P) by output i.e. number of units sold. Total revenue is maximized when marginal revenue = zero.

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