total expense incurred by a firm in producing and marketing a product,which equals the sum of fixed cost and variable cost,is referred to as
A) overhead cost.
B) total cost.
C) unit cost.
D) average cost.
E) marginal cost.

Question

Quizplus · Accepted Answer

Total cost is the sum of fixed cost and variable cost and represents the total expense incurred by a firm in producing and marketing a product. Overhead cost represents a specific subset of costs within total cost, while unit cost, average cost, and marginal cost are all calculated based on total cost.

Total Expense Incurred by a Firm in Producing and Marketing