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

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

Sr. # Questions Answers Choice
1 Average cost curve is in short run Negative sloped U-shaped L-shaped Positive sloped
2 The slope of MR curve in monopoly is Vertical Increasing Horizontal Negative
3 Demand curve of a monopolist has the shape Falls from left to right Rises from left to right Remains below MR curve Remains parallel to ox-axis
4 The kind of market, in which a single firm produces a single commodity which has no close substitute Monopoly Duopoly Oligopoly Perfect competition
5 When average cost increases, marginal cost is - - - - - - average cost Less than More than Equal to None of three
6 When average cost is minimum, marginal cost is - - - - - - - - average cost Less than More than Equal to None of three
7 When average cost falls, marginal cost is - - - - - - average cost Less than More than Equal to None of three
8 Dividing total variable costs by the units of output, is attained Average fixed cost Average variable cost Average cost Marginal cost
9 Dividing total fixed costs by the units of output, is attained Average fixed cost Average variable cost Average cost Marginal cost
10 Dividing total costs by the units of output is attained Average fixed cost Average cost Average variable cost Marginal cost
11 Total expenditures which a firm bear to produce a particular quantity of output Fixed costs Variable costs Total costs Average fixed cost
12 The costs which a firm bear only in case of producing commodities Fixed costs Variable costs Total costs Average fixed cost
13 Under perfect competition average revenue is always - - - marginal revenue Equal to Less than More than None of three
14 Number of firms under monopoly is One Two Three Four
15 Slope of average revenue and marginal revenue cures under monopoly is positive negative zero none of three
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