Question # 1

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

MC is given by slope of

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TFC

TC

ATC

AVC

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

When AC curve rises, MC curve remains:

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Above AC

Below AC

Equal AC

Negative

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

The shape of rectangular hyperbola is made by

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MC

AFC

AVC

TFC

As output increases

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MC curve firstly falls then rises

MC firstly rises then falls

MC continuously rises

continuously falls

All factors of productions are variable in the:

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Marked period

Short period

long period

None of the three

Which statement is true

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ATC + AVC = AFC

ATC + MC = AFC

ATC + AFC = AVC

AFC + AVC = ATC

In monopoly at various output levels

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AR = MR

AR < MR

AR > MR

AR and MR curves are parallel

All inputs can be varied in

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short run

long run

both periods

non of the period

TC

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rises continuously

falls then rises

is horizontal to x-axis

is parallel to y-axis

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

Excise tax is a part of

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fixed cost

variable cost

implicit cost

in not a part of cost

Unit cost is another name for

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MC

AVC

ATC

AFC

The cost which a firm incurs for purchasing or hiring factors is called

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implicit

explicit

real

basic

Which on of the following represents fixed cost:

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Price of raw material

Wages

Interests on loan

Rent of land

One of the following is an example of monopoly.

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Motorways

Pakistan railways

PIA

None of these

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

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