| 1 |
MC cuts AC at: |
- A. Maximum point
- B. Minimum point
- C. Increasing point
- D. Decreasing point
|
| 2 |
Under perfect competition average revenue is equal to: |
- A. Average cost
- B. Price
- C. Marginal revenue
- D. Both b and c
|
| 3 |
Fixed cost consists of: |
- A. Rent
- B. Salaries
- C. Interest
- D. All of them
|
| 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 |
All factors of production are variable in the: |
- A. Market period
- B. Long period
- C. Short period
- D. All of these
|
| 6 |
Self owned resources are known as: |
- A. Implicit cost
- B. Explicit cost
- C. Opportunity cost
- D. Sunk cost
|
| 7 |
When AC is falling then: |
- A. MC = AC
- B. AVC = MC
- C. MC > AC
- D. MC < AC
|
| 8 |
The rate change in total cost is: |
|
| 9 |
AR curve is also called: |
- A. Supply curve
- B. Demand curve
- C. Utility curve
- D. Cost curve
|
| 10 |
Marginal revenue product is the amount of money attained by selling |
- A. Average product
- B. Marginal product
- C. Total product
- D. None of these
|
