Total cost can be defined as:
A)the amount that a firm receives from the sale of goods and services.
B)the amount that an individual spends on all normal goods and services within a specified period of time.
C)the amount that a firm spends on all inputs that go into producing a good or service.
D)the total number of purchases of a good or service by an individual.

Question

Quizplus · Accepted Answer

Total cost refers to the total expense incurred by a firm in the production of goods or services, which includes all costs of inputs used in the production process.

Total Cost Can Be Defined As