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MICROECONOMICS CH : 8 CONCEPTS OF COST — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMICROECONOMICS CH : 8 CONCEPTS OF COST2 Marks
Question
TC = ∑MC during the short period. Is it true?
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Answer

No. In short period, TC =TFC+TVC=TFC + ∑MC. Because, MC includes only variable costs, while TC include both variable and fixed costs.

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