Question # 1

When total product increases, marginal product

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Is positive

Is negative

May be positive or negative

Is zero

In perfect competition number of firms is

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One

Two

A few

Large

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

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

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Increases

Decreases

Does not change

Becomes 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

When total product is maximum, marginal product

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Is positive

Is negative

Is zero

Is decreasing

When average product decreases, marginal product

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Increases

Is zero

Is equal to average product

Is less than average product

No factor can take the place of any other factor, it is explained by

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Law of decreasing return

Law of constant return

Law of increasing return

Law of return

Change in total production is called

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Marginal production

Zero production

Total production

Average production

The number of laws of cost are

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One

Two

Three

Four

Equilibrium price is determined in.

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Perfect market

Imperfect market

Monopoly

None of these

Laws of return are

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Two

Three

Four

Five

Market equilibrium take place where:

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D = S

D > S

D < S

Both (b) and (c)

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

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Fall

Rise

Constant

None of those

Supply of the one of the following is not fixed:

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Vegetable

Fruit

Milk

Motor bike

Law of decreasing return is immediately applied on

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Agriculture

Trade

Industry

Construction

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

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