Total Cost Is

question 362

Multiple Choice

Total cost is

• A) the sum of the expenses of the firm that are stable and do not change with the quantity of a product that is produced and sold.
• B) the change in expenses that results from producing and marketing one additional unit of a product.
• C) the average amount of money received for selling one unit of a product or simply the price of that unit.
• D) the sum of the expenses of the firm that vary directly with the quantity of a product that is produced and sold.
• E) the total expense incurred by a firm in producing and marketing a product, which equals the sum of fixed cost and variable cost.

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Definitions:

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