Question # 1

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

Demand curve of a monopolist has the shape

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Falls from left to right

Rises from left to right

Remains below MR curve

Remains parallel to ox-axis

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

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Less than

More than

Equal to

None of three

Reward of Land is called.

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Rent

Wage

Interest

Profit

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

Which is not included in variable cost

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price of raw material

Advertisement expenditures

rent of builiding

wages of labour

Which one is comparatively the most important factor ?

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Land

Labour

Capital

Organization

When average cost is minimum, marginal cost is - - - - - - - - average cost

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Less than

More than

Equal to

None of three

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

Price of raw material, wages of temporary labourers, transport costs etc,are called

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Fixed costs

Variable costs

Marginal cost

Total cost

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

Which factor combines other three factors ?

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Land

Labour

Capital

Organization

The demand curve for monopolist is also called

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Total revenue

Average revenue

Marginal revenue

Zero revenue

All the factors production can be hired except.

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Land

Labour

Capital

Organization

The shape of average cost curve in the short period is

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Vertical

Horizontal

Positively sloping

Like English alphabet U

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

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