Question # 1

According to which economist, it is difficult to find marginal product of a factor of production

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Marshall and pigou

Adam Smith and Malthus

Keynes

Taussing and Davenport

At least one factor is fixed in:

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Market period

Long period

Short period

All of three

Firm's cost depends upon:

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Revenue

Supply

Price

Output

TC = TFC +:

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MC

AR

TVC

TAC

The rate change in total cost is:

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TR

MC

MR

TC

According to which economist, some factors are indivisble

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Adam Smith

Marshall

Davenport

Hobson

Under monopoly the slopes of AR and MR are:

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Zero

Positive

Negative

None of three

With the increase of output, which cost of production increases:

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VC

AC

FC

MC

Long run average cost curve is:

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Planning curve

Envelope curve

Flatter curve

All of three

Next best alternative use of resources is known as:

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Implicit cost

Explicit cost

Opportunity cost

Sunk cost

AR curve is also called:

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Supply curve

Demand curve

Utility curve

Cost curve

Marginal revenue product curve is called

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Demand curve of firm

Supply curve of firm

Demand curve of industry

Supply curve of industry

All factors of production are variable in the:

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Market period

Long period

Short period

All of these

When Ac is rising:

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AC = MC

MC > AC

MC < AC

Both (b) and (c)

Under perfect competition:

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AR > MR

AR < MR

AR = MR

All of three

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Principles of Economics Icom Part 1 English Medium Chapter 8 Online Test MCQs With Answers

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