Asked by Ramanan Srinivasagopalan on Jun 09, 2024
Verified
At an output level of zero, total cost is zero.
Total Cost
The entirety of expenses incurred during the production process of goods or services, which includes both fixed and variable costs.
- Elucidate the comprehensive economic expenses of production denoted by total cost.
Verified Answer
SG
Summer GaydenJun 15, 2024
Final Answer :
False
Explanation :
At an output level of zero, total cost equals fixed costs, not zero, because fixed costs are incurred regardless of the level of output.
Learning Objectives
- Elucidate the comprehensive economic expenses of production denoted by total cost.