Total cost refers to
A) the full economic costs of production.
B) the sum of average fixed cost and average variable cost.
C) the fixed costs of production.
D) the explicit costs of production.

Name: Total cost refers to A) the full economic costs of production. B) the sum of average fixed cost and average variable cost. C) the fixed costs of production. D) the explicit costs of production.
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Question

Quizplus · Accepted Answer

Total cost refers to the full economic costs of production, which includes both explicit and implicit costs.

Total Cost Refers to