MCQ
True or False
State whether the following statement is TRUE and FALSE.
Total Cost is the total expenditure incurred by a firm.
Options
True
False
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Solution
Total Cost is the total expenditure incurred by a firm. - True
Explanation:
Yes. Total cost refers to the total expenditure incurred by a firm to carry out the production of goods and services. It is the aggregate of expenditure incurred on fixed factors as well as variable factors. That is,
TC = TFC + TVC
Concept: Concept of Supply
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