| 1 |
Next best alternative use of resources is known as: |
- A. Implicit cost
- B. Explicit cost
- C. Opportunity cost
- D. Sunk cost
|
| 2 |
Under perfect competition: |
- A. AR > MR
- B. AR < MR
- C. AR = MR
- D. All of three
|
| 3 |
When AC is falling then: |
- A. MC = AC
- B. AVC = MC
- C. MC > AC
- D. MC < AC
|
| 4 |
According to which economist, it is difficult to find marginal product |
- A. Robbins and Keynes
- B. Marshall and pigou
- C. Adam Smith and Mathuls
- D. Taussing and Davenport
|
| 5 |
Demand for factors of production is |
- A. Direct
- B. Derived
- C. Positive
- D. Negative
|
| 6 |
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
|
| 7 |
Tendency of demand curve of a factor of production is |
- A. Positive
- B. Negative
- C. Zero
- D. Horizontal
|
| 8 |
According to which economist, it is difficult to find marginal product of a factor of production |
- A. Marshall and pigou
- B. Adam Smith and Malthus
- C. Keynes
- D. Taussing and Davenport
|
| 9 |
At least one factor is fixed in: |
- A. Market period
- B. Long period
- C. Short period
- D. All of three
|
| 10 |
The rate change in total cost is: |
|
