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.

Name: 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.
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Question

Quizplus · Accepted Answer

Total costs encompass both fixed and variable costs, as well as explicit and implicit costs, and they increase as a firm's output increases.

Total Costs