________ consist of the sum of the fixed and variable costs for any given level of production.
A) Total costs
B) Average costs
C) Opportunity costs
D) Learning costs
E) Target costs

Question

Quizplus · Accepted Answer

Total costs are the sum of fixed and variable costs, which together make up the total expense of producing a given level of output. Average costs, on the other hand, are the total costs divided by the number of units produced and do not necessarily include both fixed and variable costs. Opportunity costs relate to the benefits that must be given up in order to pursue a certain course of action, while learning costs are the costs associated with the process of learning or acquiring new skills. Target costs are the estimated costs necessary to be competitive in the market and achieve a desired profit margin, but are not necessarily equal to total costs.

________ Consist of the Sum of the Fixed and Variable