________ cost refers to the full economic costs of production.

A) Total
B) Marginal
C) Average variable
D) Total variable

Total Variable Cost

The total of expenses that change in proportion to the activity or production level of a business.

Economic Costs

The total cost of choosing one action over another, including both explicit and implicit costs.

Total Cost

The total amount of money spent on producing goods or services, encompassing both constant and fluctuating expenses.