Total variable cost is the sum of all
A) costs associated with the production of goods.
B) costs that rise as output increases.
C) implicit costs.
D) costs of the firm's fixed factors of production.

Question

Quizplus · Accepted Answer

Total variable cost refers to all costs that vary directly with the level of output. As production increases, these costs increase, and as production decreases, these costs decrease.

Total Variable Cost Is the Sum of All