What does total revenue refer to?

Total revenue refers to the total amount of money received by a supplier from selling goods or services over a specific time period. It is calculated by multiplying the price of the goods or services by the quantity sold. This measure is crucial in understanding a business's financial performance, as it represents the income generated before any costs or expenses are deducted.

In contrast, while the other options may relate to business operations or economic concepts, they do not accurately capture the definition of total revenue. The combined profits of all competitors in a market concern overall market performance rather than an individual supplier's earnings. Total costs incurred by production focus on expenses rather than income. The total quantity of goods sold is a measure of sales volume, but it does not reflect the actual revenue generated without considering the price at which those goods were sold.