The short-run total cost of a firm is composed of which two elements?

1. In the short run, total cost is defined as TC = TFC + TVC. 2. Total fixed cost stays constant with output; total variable cost rises with output. 3. Adding these two gives short-run total cost, so the components are TFC and TVC. 4. Average and marginal cost (B) are derived per-unit measures, not components of TC; (C) and (D) are unrelated cost classifications. Hence TFC and TVC. _Source: ICAI BoS CA Foundation Paper 4 Business Economics, Ch 3 Unit II "Theory of Cost", p.5_