Examlex
Identify the true statement(s) :
Total Variable Cost
The sum of all costs that vary with output level in the production process.
Marginal Cost
The augmentation in cost due to the manufacture of one additional unit of a product or service.
Total Variable Cost
The sum of all costs that vary with the level of output, including materials and labor directly involved in production.
Output
The quantity of goods or services produced in a given period by a firm, industry, or country.
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