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State Whether the Following Statement is True and False. Total Cost is the Total Expenditure Incurred by a Firm. - Economics

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

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APPEARS IN

Micheal Vaz Economics HSC 12th Standard Maharashtra State Board
Chapter 5 Producer's Behaviour
Exercise | Q 3.5 | Page 44
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