| 1 |
Price of perishable goods is determined in: |
- A. Very short period
- B. Very long period
- C. Day to Day
- D. Both (a) and (c)
|
| 2 |
Total product decreases, when marginal product is |
- A. Positive
- B. Negative
- C. Zero
- D. None of these
|
| 3 |
In law of constant return, marginal product |
- A. Increases
- B. Decreases
- C. Remains constant
- D. Remains changing
|
| 4 |
In a production process, when units of variable factors along with fixed factor of production are increased, marginal cost goes on rising, this tendency in economics is called |
- A. Law of decreasing cost
- B. Law of constant cost
- C. Law of increasing cost
- D. Law of increasing return
|
| 5 |
The number of laws of cost are |
- A. One
- B. Two
- C. Three
- D. Four
|
| 6 |
Equilibrium price is determined in. |
- A. Perfect market
- B. Imperfect market
- C. Monopoly
- D. None of these
|
| 7 |
When average product decreases, marginal product |
- A. Increases
- B. Is zero
- C. Is equal to average product
- D. Is less than average product
|
| 8 |
Supply of the one of the following is not fixed: |
- A. Vegetable
- B. Fruit
- C. Milk
- D. Motor bike
|
| 9 |
In law of decreasing cost, marginal cost |
- A. Increases
- B. Decreases
- C. Remains constant
- D. Does not change
|
| 10 |
Average product is maximum, when marginal product curve ______ average product curve |
- A. Intersects falling
- B. Intersect rising
- C. Is above
- D. Is below
|
