Question # 1

One of the following is considered as capital:

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Land

Labour

Raw material

Both (a) and (b)

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

Which one is comparatively the most important factor ?

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Land

Labour

Capital

Organization

What is the reward of Labour ?

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Rent

Wage

Interest

Profit

Slope of average revenue and marginal revenue cures under monopoly is

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positive

negative

zero

none of three

Under monopoly average revenue curve remains ______ the marginal revenue curve

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Below

Above

Parallel to

None of three

When average cost curve is rising, then marginal cost curve

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Remains below it

Remains above it

Remains parallel to it

Is vertical

In the short period, fixed cost curve has the tendency

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Parallel to ox-axis

Parallel to oy-axis

Positive

Negative

The additional cost which a firm has to bear in order to produce additional unit of output, are called

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Average cost

Marginal cost

Fixed costs

Variable costs

The demand curve for monopolist is also called

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Total revenue

Average revenue

Marginal revenue

Zero revenue

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

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Average fixed cost

Average variable cost

Average cost

Marginal cost

One of the following is not included in explicit cost

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Wages of labourers

Reward of entrepreneur's personal labour

Price of raw material

Interest of capital

Fixed costs are those costs of production which

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Rise with quantity of output

Do not change with any amount of production

Decline with rising production

None of these

All the factors production can be hired except.

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Land

Labour

Capital

Organization

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

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

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