Total cost is equal to the sum of
A) total revenue and total cost.
B) total variable cost and total product.
C) total variable cost and total fixed cost.
D) total fixed cost and total product.
E) the marginal cost plus the total fixed cost plus the total variable cost.
C
Economics
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Does the fact that the price elasticity of demand for a good is inelastic violate the law of demand?
What will be an ideal response?
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If a firm chooses to produce 100 units of output for $150 with 10 units of labor and 12 units of capital, when they could produce the same 100 units for $120 with 10 units of labor and 8 units of capital, the firm is technologically ________ and
economically ________. A) efficient; inefficient B) inefficient; efficient C) efficient; efficient. D) inefficient; inefficient
Economics