Total Cost Refers to

question 158

Multiple Choice

Total cost refers to

• 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 total expense incurred by a firm in producing and marketing a product; the sum of fixed cost and variable cost.
• C)the expense incurred by a firm in producing and marketing a product is referred to as overhead.
• D)the average amount of money received for selling one unit of a product or simply the price of that unit.
• E)the sum of the expenses of the firm deducted from the revenue generated by the sale of the product.

---

Definitions:

Nominal GDP

Refers to the gross domestic product measured at current market prices, without adjusting for inflation.

Technological Change

A change in the methods of production and product innovation that leads to greater efficiency and productivity.

Unemployment

A situation where individuals who are capable of working and are actively seeking employment are unable to find a job.

Incomes

refers to the earnings that individuals or businesses receive, typically through work, investments, or other sources.