Question # 1

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

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

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More than

Less than

Equal to

A and C

Under monopoly average revenue curve remains ______ the marginal revenue curve

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Below

Above

Parallel to

None of three

Which one factor is free gift of nature ?

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Land

Labour

Capital

Organization

Which factor is helpful for earning more income ?

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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

Dividing total costs by the units of output is attained

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Average fixed cost

Average cost

Average variable cost

Marginal cost

Average revenue is equal to

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Price

Total revenue

Marginal revenue

Average cost

The demand curve for monopolist is also called

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Total revenue

Average revenue

Marginal revenue

Zero revenue

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

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

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

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Equal to

Less than

More than

None of three

When production of a firm increases then total variable costs

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Decrease

Increase

Remain constant

Do not change

The costs which increase with the increase in output and decrease with the decrease in output, are called

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Variable costs

Fixed costs

Average costs

Marginal cost

Slope of average revenue and marginal revenue cures under monopoly is

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positive

negative

zero

none of three

What is the reward of Labour ?

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Rent

Wage

Interest

Profit

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

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