Question # 1

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

The rate change in total cost is:

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TR

MC

MR

TC

In short average cost curve is:

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Saucer shaped

Negative slope

U shaped

Flatter

All factors of production are variable in the:

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Market period

Long period

Short period

All of these

According to which theory every factor of production gets the reward of its services equal to its marginal product

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Demand and supply theory

Liquidity preference theory

Marginal productivity theory

Uncertainty theory

When AC is falling then:

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MC = AC

AVC = MC

MC > AC

MC < AC

Under perfect competition average revenue is equal to:

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Average cost

Price

Marginal revenue

Both b and c

Self owned resources are known as:

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Implicit cost

Explicit cost

Opportunity cost

Sunk cost

According to which economist, it is difficult to find marginal product

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Robbins and Keynes

Marshall and pigou

Adam Smith and Mathuls

Taussing and Davenport

Marginal productivity theory was presented by

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Adam Smith and Malthus

Marshall and J.B Clark

Robbins and Keyness

Pigou and Cannon

Wages of temporary labourers are:

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Fixed cost

Marginal cost

Total cost

Variable cost

Under monopoly the slopes of AR and MR are:

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Zero

Positive

Negative

None of three

Marginal revenue product curve is called

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Demand curve of the firm

Supply curve of the firm

Demand curve of the industry

Supply curve of industry

Marginal revenue product is the amount of money attained by selling

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Average product

Marginal product

Total product

None of these

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

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