Question # 1

Applied on agriculture immediately

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Law of increasing return

Law of substitution

Law of decreasing return

Law of decreasing cost

In perfect competition number of firms is

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One

Two

A few

Large

Supply is Fixed of:

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Perishable goods

Free goods

Durable goods

Substitute goods

Equilibrium price is determined in.

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Perfect market

Imperfect market

Monopoly

None of these

When total product decreases, marginal product

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Is positive

Is negative

Is zero

Is increasing

Under increasing return, the slope of marginal product curve is

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Positive

Negative

Infinite

Zero

Supply curve of perishable goods is:

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Horizontal

Vertical

Infinite

All of them

The sector of production, in which nature and human beings play an equal role, there is applicable

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Law of decreasing return

Law of decreasing cost

Law of increasing return

Law of constant return

When average product is maximum, marginal product is

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Equal to average product

More than average product

Less than average product

Zero

Equilibrium price is determined where:

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D = S

D > S

D < S

Both (b) and (c)

If supply does not change, then due to rise in demand, equilibrium price.

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Increases

Decreases

Does not change

Becomes zero

Total product decreases, when marginal product is

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Positive

Negative

Zero

None of these

The second name of law of increasing return is

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Law of cost

Law of increasing cost

Law of decreasing cost

Law of constant cost

No factor can take the place of any other factor, it is explained by

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Law of decreasing return

Law of constant return

Law of increasing return

Law of return

In law of decreasing return, marginal product

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Increases

Decreases

Remains constant

Does not change

In law of constant return, marginal product

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Increases

Decreases

Remains constant

Remains changing

In production process when marginal product increases with the increase in units of variable factors along with fixed factor, this tendency in economics is called

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Law of production

Law of increasing return

Law of decreasing return

Law of constant return

The sector of production, in which nature plays more role, there is applicable

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Law of increasing return

Law of constant return

Law of decreasing return

Law of decreasing cost

In law of increasing cost, marginal cost

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Increases

Decreases

Remains constant

Remains fixed

Law of decreasing return is immediately applied on

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Agriculture

Trade

Industry

Construction

In a production process, when units of variable factors along with fixed factor of production are increased, marginal cost goes on rising, this tendency in economics is called

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Law of decreasing cost

Law of constant cost

Law of increasing cost

Law of increasing return

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Principles of Economics Icom Part 1 English Medium Chapter 5 Online Test MCQs With Answers

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