ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Sum of the fixed cost and variable costs
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Average Cost
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Total Cost
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Marginal Cost
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Variable Cost
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Explanation:
Detailed explanation-1: -Total variable cost (TVC) is that cost which changes as the level of output changes. Total cost (TC) is the sum of total fixed cost and total variable fixed cost. So, the TC curve is the vertical summation of TFC and TVC curves.
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