Total cost is calculated as
A) the sum of total fixed cost and total variable cost.
B) the product of average total cost and price.
C) the sum of all the firm's explicit costs.
D) the sum of average fixed cost and average variable cost.

Question

Quizplus · Accepted Answer

Total cost in economics is calculated as the sum of total fixed costs (costs that do not change with the level of output) and total variable costs (costs that change with the level of output).

Total Cost Is Calculated as