Question # 1

Long run cost curves can be termed as.

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V-shaped

U-shaped

Oval-shaped

Dish-shaped

TC

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rises continuously

falls then rises

is horizontal to x-axis

is parallel to y-axis

Long run average cost curve is :

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U shaped

L shaped

Dish shaped

None of the three

Which on of the following represents fixed cost:

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Price of raw material

Wages

Interests on loan

Rent of land

Unit cost is another name for

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MC

AVC

ATC

AFC

Variable cost of production are also called.

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Fixed cost

Supplementary cost

Total variable cost

Prime cost

Lowest point on the average cost curve in the long-run represents;

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Optimum factors combination

Maximum level of output

Maximum level of total revenue

None of the three

As out put increases, AC curve

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falls

rises

remains constant

all of the above

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

All the following are U-shape except

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AVC

AFC

AC

MC

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

Excise tax is a part of

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fixed cost

variable cost

implicit cost

in not a part of cost

Under monopoly:

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AR = MR

AR > MR

AR < MR

AR = MR

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

The shape of rectangular hyperbola is made by

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MC

AFC

AVC

TFC

TC

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starts from origin

not from origin

is parallel to y-axis

parallel to x- axis

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