Question # 1

Which one of the following represents fixed cost

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Price of raw material

Wages

Capital goods

Wages of permanent labour

The kind of market, in which a single firm produces a single commodity which has no close substitute

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Monopoly

Duopoly

Oligopoly

Perfect competition

When average cost falls marginal cost is ---------------- average cost

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More than

Less than

Equal to

A and C

Which factor is helpful for earning more income ?

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Land

Labour

Capital

Organization

How many kinds of costs are in the short period

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Two

Three

Four

Five

When production of a firm increases then total variable costs

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Decrease

Increase

Remain constant

Do not change

All the factors production can be hired except.

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Land

Labour

Capital

Organization

When average cost falls, marginal cost is - - - - - - average cost

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Less than

More than

Equal to

None of three

Slope of average revenue and marginal revenue cures under monopoly is

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positive

negative

zero

none of three

When average cost is minimum, marginal cost is - - - - - - - - average cost

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Less than

More than

Equal to

None of three

Demand curve of a monopolist has the shape

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Falls from left to right

Rises from left to right

Remains below MR curve

Remains parallel to ox-axis

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

In the short period, fixed cost curve has the tendency

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Parallel to ox-axis

Parallel to oy-axis

Positive

Negative

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

Wages of temporary labourers are

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Fixed cost

Marginal cost

Total cost

Variable cost

Average revenue is equal to

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Price

Total revenue

Marginal revenue

Average cost

Which one is immobile factor ?

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Land

Labour

Capital

Organization

The slope of MR curve in monopoly is

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Vertical

Increasing

Horizontal

Negative

When average cost increases, marginal cost is - - - - - - average cost

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Less than

More than

Equal to

None of three

The factor of production which is result of human struggle.

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Land

Labour

Capital

Organization

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

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