| 1 |
Amount of money attained by selling marginal product is called |
- A. Average revenue product
- B. Marginal revenue product
- C. Total revenue product
- D. None of three
|
| 2 |
The rate change in total cost is: |
|
| 3 |
MC cuts AC at: |
- A. Maximum point
- B. Minimum point
- C. Increasing point
- D. Decreasing point
|
| 4 |
Marginal revenue product curve is called |
- A. Demand curve of the firm
- B. Supply curve of the firm
- C. Demand curve of the industry
- D. Supply curve of industry
|
| 5 |
Self owned resources are known as: |
- A. Implicit cost
- B. Explicit cost
- C. Opportunity cost
- D. Sunk cost
|
| 6 |
AR curve is also called: |
- A. Supply curve
- B. Demand curve
- C. Utility curve
- D. Cost curve
|
| 7 |
Long run average cost curve is: |
- A. Planning curve
- B. Envelope curve
- C. Flatter curve
- D. All of three
|
| 8 |
If a firm does not produce anything then its variable cost is: |
- A. Minimum
- B. Negative
- C. Maximum
- D. Zero
|
| 9 |
When AC is falling then: |
- A. MC = AC
- B. AVC = MC
- C. MC > AC
- D. MC < AC
|
| 10 |
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
|
