Question # 1

Nature of inter-relationship of average revenue and marginal revenue under perfect competition is

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Average revenue remains more than marginal revenue

Average revenue remains less than marginal revenue

Marginal revenue remains less than average revenue

Average revenue remains equal to marginal revenue

Which curve represents demand curve also

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Marginal revenue

Average revenue

Total revenue

Marginal cost

The slope of MR curve in monopoly is

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Vertical

Increasing

Horizontal

Negative

Under perfect competition average revenue is always - - - marginal revenue

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Equal to

Less than

More than

None of three

One of the following is not included in explicit cost

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Wages of labourers

Reward of entrepreneur's personal labour

Price of raw material

Interest of capital

The costs which a firm bear only in case of producing commodities

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Fixed costs

Variable costs

Total costs

Average fixed cost

All the factors production can be hired except.

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Land

Labour

Capital

Organization

Which one is immobile factor ?

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Land

Labour

Capital

Organization

The costs which the firm has to bear in every condition in the short period, are called

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Total costs

Fixed costs

Variable costs

Marginal costs

Dividing total fixed costs by the units of output, is attained

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Average fixed cost

Average variable cost

Average cost

Marginal cost

Which one factor is free gift of nature ?

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Land

Labour

Capital

Organization

What is the reward of Labour ?

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Rent

Wage

Interest

Profit

Additional amount of money which a firm gets by selling an additional unit of output is called

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Average revenue

Marginal revenue

Total revenue

Revenue

To increase profit a firm minimises

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revenues

costs

demand

supply

Dividing total revenue by the sold units of output, is attained

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Average revenue

Marginal revenue

Total revenue

Average cost

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Principles of Economics Icom Part 1 English Medium Chapter 6 Online Test MCQs With Answers

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