| 1 |
The long run average cost curve is tangent to various |
- A. short run TCs
- B. short run ACs
- C. AVCs
- D. AFCs
|
| 2 |
When AC curve rises, MC curve remains: |
- A. Above AC
- B. Below AC
- C. Equal AC
- D. Negative
|
| 3 |
Change in total cost on the production of one additional unit of output is calculated as . |
- A. Marginal cost
- B. Average cost
- C. Total cost
- D. Marginal product
|
| 4 |
TC |
- A. rises continuously
- B. falls then rises
- C. is horizontal to x-axis
- D. is parallel to y-axis
|
| 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 |
As output increases |
- A. MC curve firstly falls then rises
- B. MC firstly rises then falls
- C. MC continuously rises
- D. continuously falls
|
| 7 |
Unit cost is another name for |
- A. MC
- B. AVC
- C. ATC
- D. AFC
|
| 8 |
Long run cost curves can be termed as. |
- A. V-shaped
- B. U-shaped
- C. Oval-shaped
- D. Dish-shaped
|
| 9 |
As out put increases, AC curve |
- A. falls
- B. rises
- C. remains constant
- D. all of the above
|
| 10 |
One of the following is an example of monopoly. |
- A. Motorways
- B. Pakistan railways
- C. PIA
- D. None of these
|
