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
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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