TOTAL COST CURVE: A curve that graphically represents the relation between total cost incurred by a firm in the short-run production of a good or service and the quantity produced. The total cost curve is a cornerstone upon which the analysis of a firm's short-run production is built. It combines all of a firm's opportunity costs into a single curve, which can then be used with the firm's total revenue curve to determine profit. See also | total cost | curve | short-run production | quantity | opportunity cost | total revenue | economic profit | total variable cost | total fixed cost | marginal cost | total cost and marginal cost | technology | resource prices |
