Total Revenue as Price Times Quantity

Steps:

• Recall that total revenue measures income from selling goods.
• Identify the basic formula: total revenue equals price per unit times quantity sold.
• Evaluate options by matching them to this formula.
• Select the option that directly applies the multiplication of price and output.

Why C is correct:

• Total revenue is defined by the formula TR = P × Q, where P is price and Q is total output (quantity).

Why the others are wrong:

• A: This calculates price per unit of output, not revenue.
• B: This yields quantity per price unit, irrelevant to revenue.
• D: Multiplying output by costs gives a cost metric, not revenue.

Final answer: C