Question # 1

When demand and supply rise in equal propoertion, the equilibrium price will:

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Fall

Rise

Constant

None of those

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

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Law of decreasing cost

Law of constant cost

Law of increasing cost

Law of increasing return

Market equilibrium take place where:

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D = S

D > S

D < S

Both (b) and (c)

Increasing marginal product shows the law

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Law of increasing return

Law of constant return

Law of decreasing return

Law of diminishing marginal utility

In a production process, when units of variable factors along with the fixed factor of production are increased, marginal cost remains the same, this tendency in economics is called

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Law of decreasing cost

Law of constant cost

Law of increasing cost

Law of decreasing return

Under decreasing return, the slope of marginal product curve is

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Negative

Positive

Infinite

Zero

The number of laws of cost are

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One

Two

Three

Four

When total product decreases, marginal product

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Is positive

Is negative

Is zero

Is increasing

In law of increasing cost, marginal cost

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Increases

Decreases

Remains constant

Remains fixed

Supply curve of perishable goods is:

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Horizontal

Vertical

Infinite

All of them

Under increasing return, the slope of marginal product curve is

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Positive

Negative

Infinite

Zero

When marginal product remains positive, total product

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Goes on decreasing

Goes in increasing

Becomes negative

Does not change

Production which is produced with a particular combination of factors of production, is called

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Total product

Average product

Marginal product

Positive product

The sector of production, in which nature plays more role, there is applicable

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Law of increasing return

Law of constant return

Law of decreasing return

Law of decreasing cost

When marginal product is zero, total product is

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Maximum

Minimum

Negative

Zero

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Principles of Economics Icom Part 1 English Medium Chapter 5 Online Test MCQs With Answers

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