Economics · Production and Costs
The relation TC = TVC + TFC implies that:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Marginal cost always equals average cost
- 2Total cost is the sum of total fixed cost and total variable cost✓
- 3Total variable cost is independent of output
- 4Total fixed cost varies with output
Correct answer
Total cost is the sum of total fixed cost and total variable cost
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