Total cost is composed of both:Question 10Answera.Fixed costs and variable costs.b.Marginal costs and average costs.c.Explicit costs and implicit costs.d.Accounting costs and economic costs.

____ are also known as direct costs A. average variable costs B. average fixed costs C. variable costs D. total fixed costs

Total fixed cost divided by the amount of output produced is equal to:Multiple choice question.average fixed cost.average variable cost.average total cost.marginal cost.

Under the Marginal cost pricing, the price is determined on the basis of;  A. Fixed cost  B. Variable cost  C. Total cost  D. Average cost

Production cost under marginal costing includes .a.prime cost and fixed overhead .b.prime cost, variable overhead and fixed overhead.c.prime cost only .d.. prime cost and variable overhead.

In marginal costing, which of the following costs are included in product costs?Question 8Answera.Variable selling costsb.Direct materials and direct laborc.Fixed production overheadsd.Direct materials, direct labour and variable selling costs