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WAEC Economics 1998 Question 11

Question 11

Theory of Costs and Revenue

Total cost is the addition of

  1. A.real cost and money cost
  2. B.price and taxes
  3. C.fixed cost and variable cost
  4. D.average cost and marginal cost
  5. E.cost of raw materials and wages
Show the answer and explanation

Answer: C (fixed cost and variable cost)

Explanation

TC = total fixed cost + total variable cost.