Microeconomics: Principles, Problems, & Policies, 20th Edition

Published by McGraw-Hill Education
ISBN 10: 0077660811
ISBN 13: 978-0-07766-081-9

Chapter 6 - Elasticity - Review Questions - Page 150: 3


The answer is below.

Work Step by Step

Revenue refers to the money that the company brings in from selling its product. Note, this is not the same as income, which subtracts the cost of producing the income from the revenue.
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