Which of the following statements is FALSE regarding total costs?
A)Total costs are equal to fixed costs plus variable costs.
B)Total costs are equal to direct financial costs plus implicit opportunity costs.
C)Total costs minus fixed costs equals average cost.
D)Total costs divided by output equals average cost.

Question

Quizplus · Accepted Answer

Total costs minus fixed costs equals variable costs, not average cost.

Which of the Following Statements Is FALSE Regarding Total Costs