A. adding up the marginal cost at each level
B. dividing the total cost of output at each level
C. adding up the average variable cost at each level
D. adding up the total variable cost and total fixed cost
Correct Answer: Option D
D. adding up the total variable cost and total fixed cost
Explanation
Total cost refers to the total expense incurred in reaching a particular level of output. TC (total cost) = TFC (total fixed cost) + TVC (total variable cost).
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