If TC, FC and VC represent total cost, fixed cost and variable cost respectively, which of the following is correct?

The correct option is: TC = FC + VC. Total cost (TC) is the sum of fixed cost (FC) and variable cost (VC). Fixed costs are those costs that remain constant irrespective of the level of production, such as rent, salaries, and insurance. Variable costs, on the other hand, vary with the level of production, such as the cost of raw materials, labor, and energy. Therefore, the total cost of producing a certain quantity of goods or services is the sum of these two costs. So, the equation that correctly represents the relationship between total cost, fixed cost, and variable cost is TC = FC + VC.