Sum of variable costs and fixed costs is called _______.

Total costs

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Overhead costs

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Markup costs

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Both a and b

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Solution

The correct option is A Total costs

Total cost refers to the total expense incurred in reaching a particular level of output; if such total cost is divided by the quantity produced, average or unit cost is obtained. A portion of the total cost known as fixed cost—e.g., the costs of a building lease or of...

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