| 1 |
If the most part of total supply of commodity is produced by one firm, it is called |
- A. Oligopoly
- B. Monopoly
- C. Perfect competition
- D. Monopolistic competition
|
| 2 |
When total revenue and total cost of a firm are equal, the firm earns |
- A. Abnormal profit
- B. Normal profit
- C. Normal loss
- D. Abnormal loss
|
| 3 |
Under monopoly, number of firms is |
- A. Large
- B. Few
- C. One
- D. Two
|
| 4 |
Laws of returns are also known as: |
- A. Laws of substitution
- B. Laws of consumption
- C. Laws of cost
- D. All of three
|
| 5 |
Law of diminishing return is more applicable in: |
- A. Trade sector
- B. Industrial sector
- C. Agricultural sector
- D. Education sector
|
| 6 |
A monopolistic firm has control of |
- A. Whole market supply by one firm
- B. Whole market supply by two firms
- C. Whole market supply by a few firms
- D. None of these
|
| 7 |
Law of constant return is also known as: |
- A. Increasing cost
- B. Constant cost
- C. Diminishing cost
- D. Both (a) and (c)
|
| 8 |
When total production increases, marginal product is: |
- A. Positive
- B. Negative
- C. Zero
- D. Infinite
|
| 9 |
When total production decreases, marginal product is: |
- A. Positive
- B. Negative
- C. Zero
- D. Infinite
|
| 10 |
The formula of calculating total revenue is |
- A. P x Q
- B. P x AC
- C. AC x Q
- D. TC / Q
|
