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Question : The price of a commodity is the same as the _____.

Option 1: average revenue

Option 2: total cost

Option 3: average cost

Option 4: total revenue


Team Careers360 17th Jan, 2024
Answer (1)
Team Careers360 21st Jan, 2024

Correct Answer: average revenue


Solution : The correct answer is average revenue .

A commodity's price is the same as the commodity's average revenue. Average revenue is the amount of money earned per unit of output. It is determined by dividing total income by total production. In other words, it is the price received by the seller for each unit of the product sold. As a result, the price of a commodity is the same as its average income since the seller receives the same amount for each unit of the item sold.

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