The correct option is C: VARIABLE AND FIXED COST.
In production, total cost refers to the summation of the variable cost and the fixed costs that are expended in the course of production process. These two cost needs to be added in order to determine the total amount of money that was spent on the production of each product. This will help the producer to put appropriate price on his product. The price of the product is usually the summation of total cost and a specific profit margin which the producer chooses.
