WAEC Economics 2011 Objective — Question 14
Question 14 of 50 from the West African Examinations Council (WAEC) Economics 2011 Objective paper, with the correct answer and a full explanation.
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If TC, FC and VC represent total cost, fixed cost and variable cost respectively, which of the following is correct?
- A. A. TC = FC - VC
- B. B. FC = TC + VC
- C. C. TC > FC + VC
- D. D. TC = FC + VCCorrect
Explanation
The total cost of production is the sum of the fixed costs and the variable costs.
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