Examlex
Match the following terms with their definitions.
-Whole number
Total Cost
The sum of all costs incurred in the production of goods or services, including fixed and variable costs.
Variable Costs
Costs that change directly in proportion to changes in the level of production or activity within a business.
Fixed Costs
Costs that do not change with the level of output or production, such as rent, salaries, or loan payments.
Fixed Costs
Costs that do not vary with the level of output or production, such as rent, salaries, and loan payments.
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