| 1 |
Long run average cost curve is: |
- A. Planning curve
- B. Envelope curve
- C. Flatter curve
- D. All of three
|
| 2 |
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
|
| 3 |
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
|
| 4 |
The rate change in total cost is: |
|
| 5 |
Fixed cost consists of: |
- A. Rent
- B. Salaries
- C. Interest
- D. All of them
|
| 6 |
Production of the last unit of a factor of production is called |
- A. Total product
- B. Average product
- C. Marginal product
- D. Positive product
|
| 7 |
Under perfect competition average revenue is equal to: |
- A. Average cost
- B. Price
- C. Marginal revenue
- D. Both b and c
|
| 8 |
In short average cost curve is: |
- A. Saucer shaped
- B. Negative slope
- C. U shaped
- D. Flatter
|
| 9 |
If a firm does not produce anything then its variable cost is: |
- A. Minimum
- B. Negative
- C. Maximum
- D. Zero
|
| 10 |
Under monopoly the slopes of AR and MR are: |
- A. Zero
- B. Positive
- C. Negative
- D. None of three
|
