Question # 1

Total cost curve in general is a.

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Linear function

Quadratic function

Cubic function

Long function

All factors of productions are variable in the:

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Marked period

Short period

long period

None of the three

Short run cost curves are.

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v-shaped

Dish-shaped

U-shaped

L-shaped

The shape of rectangular hyperbola is made by

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MC

AFC

AVC

TFC

Total fixed cost curve is .

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Parallel to the vertical axis

Parallel to the horizontal axis

Sloping downward to the right

Sloping upward to the right

In monopoly at various output levels

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AR = MR

AR < MR

AR > MR

AR and MR curves are parallel

Which is NOT a cause of shift in cost curves of a frim

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excise tax

prices of inputs

increase in productivity

price of product

One of the following does not represent imperfect competition.

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Day to day market

Monopoly

Duopoly

Monopolistic Competition

Unit cost is another name for

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MC

AVC

ATC

AFC

Change in total cost on the production of one additional unit of output is calculated as .

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Marginal cost

Average cost

Total cost

Marginal product

TC

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rises continuously

falls then rises

is horizontal to x-axis

is parallel to y-axis

As output increases

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MC curve firstly falls then rises

MC firstly rises then falls

MC continuously rises

continuously falls

Under monopoly:

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AR = MR

AR > MR

AR < MR

AR = MR

Long run cost curves can be termed as.

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V-shaped

U-shaped

Oval-shaped

Dish-shaped

Pollution which is side effect of producing or consuming something and which is not taken into account by producers and sellers is called

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externality

wastage

extra cost

opportunity cost

The sacrifice of an alternative use of resources to produce something is called its

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real cost

opportunity cost

sacrifice cost

alternative cost

Which statement is true

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ATC + AVC = AFC

ATC + MC = AFC

ATC + AFC = AVC

AFC + AVC = ATC

MC is given by slope of

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TFC

TC

ATC

AVC

Short run means is a period

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less than one year

in which at least one input is fixed

in which no input can be changed

in which firms can easily enter or exit

Long rum is a period

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three years or longer

long enough to allow firms to change plant size and capacity

in which a firm need not get loans

which affects larger more than smaller firms

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