Q. Total Cost is a total of __________ ?
Answer: Fixed Cost & Variable Cost
Notes: Total Cost is the sum of Fixed Cost and Variable Cost. Fixed Costs are expenses that do not change with production levels, such as rent and salaries, while Variable Costs fluctuate with output, like materials and labor. Marginal Cost refers to the cost of producing one additional unit, and Real Cost considers opportunity costs. However, Total Cost specifically includes only Fixed and Variable Costs.