Total Costs

question 33

Multiple Choice

Total costs:

• A)are fixed costs plus variable costs.
• B)include explicit and implicit costs.
• C)increase as the firm increases output.
• D)All of these describe total costs.

Acquire knowledge about the influence of Italian masters on Netherlandish artists and the development of a pan-European painting style.

Understand the importance of cost/benefit analysis in decision-making.

Recognize the influence of uncertain and risk environments on managerial decisions.

Differentiate between classical and behavioral decision theories.