Question

________ costs refer to the sum of the fixed and variable costs for any given level of production. Target Break-even Total Value-based Marginal

Answer 1

Based on microeconomic theory, Total costs refer to the sum of the fixed and variable costs for any given level of production.

What makes Total Cost?

Generally, the total cost is the sum of all the price of the material utilized, the wages or salary paid in the production, and the direct expenditure.

Components of Total Cost

The components of Total Cost include the following:

• Prime cost
• Factory cost
• Office cost
• Cost of sales, etc.

Hence, in this case, it is concluded that the correct answer is "Total Cost."

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