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From the graph above, R represents

Economics
JAMB 2013

From the graph above, R represents

  • A. marginal cost
  • B. total cost
  • C. variable cost
  • D. fixed cost
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Correct Answer: Option B
Explanation

R represents Total cost which is the total economic cost of production and is made up of variable cost and fixed cost.
The diagram below would help you know how to identify the various types of cost,


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