| 1 |
Under perfect competition average revenue is equal to: |
- A. Average cost
- B. Price
- C. Marginal revenue
- D. Both b and c
|
| 2 |
Which law is applicable on production process under marginal productivity theory |
- A. Law of increasing return
- B. Law of constant return
- C. Law of decreasing return
- D. Law of decreasing cost
|
| 3 |
Demand for factors of production is |
- A. Direct
- B. Derived
- C. Positive
- D. Negative
|
| 4 |
AR curve is also called: |
- A. Supply curve
- B. Demand curve
- C. Utility curve
- D. Cost curve
|
| 5 |
Next best alternative use of resources is known as: |
- A. Implicit cost
- B. Explicit cost
- C. Opportunity cost
- D. Sunk cost
|
| 6 |
All factors of production are variable in the: |
- A. Market period
- B. Long period
- C. Short period
- D. All of these
|
| 7 |
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
|
| 8 |
When AC is falling then: |
- A. MC = AC
- B. AVC = MC
- C. MC > AC
- D. MC < AC
|
| 9 |
Firm's cost depends upon: |
- A. Revenue
- B. Supply
- C. Price
- D. Output
|
| 10 |
Wages of temporary labourers are: |
- A. Fixed cost
- B. Marginal cost
- C. Total cost
- D. Variable cost
|
