Question # 1

Equilibrium price is determined in.

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Perfect market

Imperfect market

Monopoly

None of these

When total product decreases, marginal product

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Is positive

Is negative

Is zero

Is increasing

Price of perishable goods is determined in:

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Very short period

Very long period

Day to Day

Both (a) and (c)

When marginal product remains positive, total product

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Goes on decreasing

Goes in increasing

Becomes negative

Does not change

The second name of law of constant return is

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Law of decreasing cost

Law of increasing cost

Law of cost

Law of constant cost

Law of decreasing return is immediately applied on

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Agriculture

Trade

Industry

Construction

When marginal product is zero, total product is

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Maximum

Minimum

Negative

Zero

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

Average product is maximum, when marginal product curve ______ average product curve

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Intersects falling

Intersect rising

Is above

Is below

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

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Law of decreasing cost

Law of increasing cost

Law of constant cost

Law of decreasing return

The sector of production, in which nature and human beings play an equal role, there is applicable

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Law of decreasing return

Law of decreasing cost

Law of increasing return

Law of constant return

In production process, when units of variable factors along with fixed factor of production are increased, marginal product goes on failing, this tendency in economics is called

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Law of decreasing return

Law of increasing return

Law of production

Law of constant return

If supply does not change, then due to rise in demand, equilibrium price.

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Increases

Decreases

Does not change

Becomes zero

When total product is maximum, marginal product

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Is positive

Is negative

Is zero

Is decreasing

The second name of law of increasing return is

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Law of cost

Law of increasing cost

Law of decreasing cost

Law of constant cost

In law of decreasing cost, marginal cost

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Increases

Decreases

Remains constant

Does not change

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

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