Question # 1

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

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Equal to

Less than

More than

None of three

When average cost increases, marginal cost is - - - - - - average cost

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Less than

More than

Equal to

None of three

How many kinds of costs are in the short period

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Two

Three

Four

Five

Which one of the following represents fixed cost

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Price of raw material

Wages

Capital goods

Wages of permanent labour

Total expenditures which a firm bear to produce a particular quantity of output

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Fixed costs

Variable costs

Total costs

Average fixed cost

All the factors production can be hired except.

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Land

Labour

Capital

Organization

Under monopoly average revenue curve remains ______ the marginal revenue curve

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Below

Above

Parallel to

None of three

Average revenue is equal to

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Price

Total revenue

Marginal revenue

Average cost

In the short period, fixed cost curve has the tendency

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Parallel to ox-axis

Parallel to oy-axis

Positive

Negative

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

When production of a firm increases then total variable costs

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Decrease

Increase

Remain constant

Do not change

Marginal cost curve cuts average cost curve when average cost is

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Maximum

Minimum

Increasing

Decreasing

The shape of average cost curve in the short period is

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Vertical

Horizontal

Positively sloping

Like English alphabet U

The amount of money which a firm gets by selling a particular quantity of output, is called

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Average revenue

Marginal revenue

Total revenue

Fixed cost

One of the following is a fixed capital:

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Raw material

Machinery

Saving certificate

None of these

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

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

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