| 1 |
Equilibrium price is determined in. |
- A. Perfect market
- B. Imperfect market
- C. Monopoly
- D. None of these
|
| 2 |
Average product is maximum, when marginal product curve ______ average product curve |
- A. Intersects falling
- B. Intersect rising
- C. Is above
- D. Is below
|
| 3 |
If supply does not change, then due to rise in demand, equilibrium price. |
- A. Increases
- B. Decreases
- C. Does not change
- D. Becomes zero
|
| 4 |
When average product decreases, marginal product |
- A. Increases
- B. Is zero
- C. Is equal to average product
- D. Is less than average product
|
| 5 |
The production sector where human brain and intelligence plays more role there is applicable |
- A. Law of increasing return
- B. Law of constant return
- C. Law of decreasing return
- D. Law of increasing cost
|
| 6 |
When average product increase, marginal product |
- A. Decreases
- B. Is zero
- C. Is negative
- D. Also increases
|
| 7 |
The second name of law of decreasing return is |
- A. Law of increasing cost
- B. Law of constant cost
- C. Law of decreasing cost
- D. Law of cost
|
| 8 |
Laws of return are |
- A. Two
- B. Three
- C. Four
- D. Five
|
| 9 |
Change in total production is called |
- A. Marginal production
- B. Zero production
- C. Total production
- D. Average production
|
| 10 |
When total product decreases, marginal product |
- A. Is positive
- B. Is negative
- C. Is zero
- D. Is increasing
|
