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WAEC Economics 2001 Question 15

Question 15

Theory of Costs and Revenue

The cost incurred by using both fixed and variable factors in production is called

  1. A.marginal cost
  2. B.fixed cost
  3. C.total cost
  4. D.average cost.
Show the answer and explanation

Answer: C (total cost)

Explanation

Total cost = total fixed cost + total variable cost.