Final answer:
Total revenue is the income a firm generates from selling its products, calculated by multiplying the price by the quantity sold. The correct term for this is revenue.
Step-by-step explanation:
Total revenue is the income the firm generates from selling its products. We calculate it by multiplying the price of the product times the quantity of output sold: Total Revenue = Price x Quantity. Gross profit refers to the difference between revenue and the cost of goods sold. Net income is the final amount of money a firm earns after subtracting all expenses from its revenue. Profit margin, on the other hand, is the percentage of revenue that becomes profit after expenses are deducted. Therefore, the correct answer is option C) Revenue.