Question # 1

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

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

When AC curve rises, MC curve remains:

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Above AC

Below AC

Equal AC

Negative

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

Variable cost of production are also called.

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Fixed cost

Supplementary cost

Total variable cost

Prime cost

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

As output increase, one of the following costs will also increase:

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Marginal cost

Average cost

Variable cost

Fixed cost

TVC

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starts from origin

not from origin

is parallel to x-axis

is parallel to y-axis

Total cost curve in general is a.

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Linear function

Quadratic function

Cubic function

Long function

Unit cost is another name for

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MC

AVC

ATC

AFC

TC

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starts from origin

not from origin

is parallel to y-axis

parallel to x- axis

One of the following does not represent imperfect competition.

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Day to day market

Monopoly

Duopoly

Monopolistic Competition

MC is given by slope of

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TFC

TC

ATC

AVC

Average cost and marginal cost curves in the short-run are:

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Quadratic function

Linear function

Cubic function

Log function

Short run cost curves are.

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v-shaped

Dish-shaped

U-shaped

L-shaped

As output increases

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MC curve firstly falls then rises

MC firstly rises then falls

MC continuously rises

continuously falls

All the following are U-shape except

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AVC

AFC

AC

MC

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Economics Ics Part 1 English Medium Chapter 13 Online Test MCQs With Answers

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