Total cost is the addition of
Question 1 Report
Total cost is the addition of
Answer Details
Total cost is the sum of all costs incurred in the production of a good or service. It includes both fixed costs and variable costs. Fixed costs are costs that do not change with changes in the level of output, while variable costs change with changes in the level of output. Examples of fixed costs are rent, insurance, and salaries of permanent staff. Examples of variable costs are raw materials, fuel, and hourly wages of workers. Therefore, the correct option is "fixed cost and variable cost".
Download The App On Google Playstore
Everything you need to excel in your exams
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning