| 1 |
The rate change in total cost is: |
|
| 2 |
If a firm does not produce anything then its variable cost is: |
- A. Minimum
- B. Negative
- C. Maximum
- D. Zero
|
| 3 |
Marginal revenue product curve is called |
- A. Demand curve of firm
- B. Supply curve of firm
- C. Demand curve of industry
- D. Supply curve of industry
|
| 4 |
Next best alternative use of resources is known as: |
- A. Implicit cost
- B. Explicit cost
- C. Opportunity cost
- D. Sunk cost
|
| 5 |
According to which theory every factor of production gets the reward of its services equal to its marginal product |
- A. Demand and supply theory
- B. Liquidity preference theory
- C. Marginal productivity theory
- D. Uncertainty theory
|
| 6 |
Under perfect competition average revenue is equal to: |
- A. Average cost
- B. Price
- C. Marginal revenue
- D. Both b and c
|
| 7 |
TC = TFC +: |
- A. MC
- B. AR
- C. TVC
- D. TAC
|
| 8 |
Marginal productivity theory was presented by |
- A. Adam Smith and Malthus
- B. Marshall and J.B Clark
- C. Robbins and Keyness
- D. Pigou and Cannon
|
| 9 |
When AC is falling then: |
- A. MC = AC
- B. AVC = MC
- C. MC > AC
- D. MC < AC
|
| 10 |
Demand for factors of production is |
- A. Direct
- B. Derived
- C. Positive
- D. Negative
|
