| 1 |
Long rum is a period |
- A. three years or longer
- B. long enough to allow firms to change plant size and capacity
- C. in which a firm need not get loans
- D. which affects larger more than smaller firms
|
| 2 |
TC |
- A. starts from origin
- B. not from origin
- C. is parallel to y-axis
- D. parallel to x- axis
|
| 3 |
As out put increases, AC curve |
- A. falls
- B. rises
- C. remains constant
- D. all of the above
|
| 4 |
Lowest point on the average cost curve in the long-run represents; |
- A. Optimum factors combination
- B. Maximum level of output
- C. Maximum level of total revenue
- D. None of the three
|
| 5 |
Short run means is a period |
- A. less than one year
- B. in which at least one input is fixed
- C. in which no input can be changed
- D. in which firms can easily enter or exit
|
| 6 |
Which statement is true |
- A. ATC + AVC = AFC
- B. ATC + MC = AFC
- C. ATC + AFC = AVC
- D. AFC + AVC = ATC
|
| 7 |
Short run cost curves are. |
- A. v-shaped
- B. Dish-shaped
- C. U-shaped
- D. L-shaped
|
| 8 |
Pollution which is side effect of producing or consuming something and which is not taken into account by producers and sellers is called |
- A. externality
- B. wastage
- C. extra cost
- D. opportunity cost
|
| 9 |
One of the following does not represent imperfect competition. |
- A. Day to day market
- B. Monopoly
- C. Duopoly
- D. Monopolistic Competition
|
| 10 |
TVC |
- A. starts from origin
- B. not from origin
- C. is parallel to x-axis
- D. is parallel to y-axis
|
