Total cost is the
A)amount a firm receives for the sale of its output.
B)fixed cost less variable cost.
C)market value of the inputs a firm uses in production.
D)quantity of output minus the quantity of inputs used to make a good.

Question

Quizplus · Accepted Answer

Total cost refers to the market value of all inputs a firm uses in production. This includes both fixed costs (costs that do not change with the level of output, such as rent) and variable costs (costs that change with the level of output, such as materials).

Total Cost Is the