Total cost to a firm is the:
A) cost per unit of a good or service produced.
B) cost of producing a specified number of units of a good or service.
C) change in cost when one more unit of a good or service is produced.
D) difference between the explicit costs and implicit costs of production.

Question

Quizplus · Accepted Answer

Total cost refers to the total expense incurred in reaching a particular level of output; it encompasses all costs involved in producing a specified number of units of a good or service.

Total Cost to a Firm Is The