Question # 1

Under perfect competition average revenue is always - - - marginal revenue

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Equal to

Less than

More than

None of three

The kind of market, in which a single firm produces a single commodity which has no close substitute

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Monopoly

Duopoly

Oligopoly

Perfect competition

Additional amount of money which a firm gets by selling an additional unit of output is called

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Average revenue

Marginal revenue

Total revenue

Revenue

When average cost falls, marginal cost is - - - - - - average cost

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Less than

More than

Equal to

None of three

Dividing total fixed costs by the units of output, is attained

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Average fixed cost

Average variable cost

Average cost

Marginal cost

All the factors production can be hired except.

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Land

Labour

Capital

Organization

Which on factor is the basic factor ?

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Land

Labour

Capital

Organization

One of the following is a fixed capital:

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Raw material

Machinery

Saving certificate

None of these

Nature of inter-relationship of average revenue and marginal revenue under perfect competition is

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Average revenue remains more than marginal revenue

Average revenue remains less than marginal revenue

Marginal revenue remains less than average revenue

Average revenue remains equal to marginal revenue

The slope of MR curve in monopoly is

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Vertical

Increasing

Horizontal

Negative

Which one of the following represents fixed cost

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Price of raw material

Wages

Capital goods

Wages of permanent labour

One of the following is considered as capital:

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Land

Labour

Raw material

Both (a) and (b)

When total revenue is maximum, marginal revenue is

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More

Less

Constant

Zero

When a firm's average total cost is equal to price, then it is called as

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Normal profit

Abnormal profit

Normal loss

Abnormal loss

Which is the Demand Curve of a frim

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Average Revenue Curve

Marginal Revenue Curve

Total Revenue Curve

Average cost curve

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Principles of Economics Icom Part 1 English Medium Chapter 6 Online Test MCQs With Answers

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