Question # 1

Marginal cost curve cuts average cost curve when average cost is

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Maximum

Minimum

Increasing

Decreasing

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 on factor is the basic factor ?

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Land

Labour

Capital

Organization

Slope of average revenue and marginal revenue cures under monopoly is

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positive

negative

zero

none of three

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

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More than

Less than

Equal to

A and C

Which one factor is free gift of nature ?

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Land

Labour

Capital

Organization

When a firm's average total cost is equal to price, then it is called as

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Normal profit

Abnormal profit

Normal loss

Abnormal loss

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

What is the reward of Labour ?

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Rent

Wage

Interest

Profit

Which curve represents demand curve also

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Marginal revenue

Average revenue

Total revenue

Marginal cost

Under monopoly average revenue curve remains ______ the marginal revenue curve

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Below

Above

Parallel to

None of three

One of the following is not included in implicit cost

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Interest of entrepreneur's own capital

Rent of building

Reward of entrepreneur's own labour

Reward of entrepreneur's own land

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

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Less than

More than

Equal to

None of three

What is the reward of Organization ?

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Rent

Wage

Interest

Profit

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

The amount of money which a firm gets by selling a particular quantity of output, is called

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Average revenue

Marginal revenue

Total revenue

Fixed cost

Total expenditures which a firm bear to produce a particular quantity of output

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Fixed costs

Variable costs

Total costs

Average fixed cost

Price of raw material, wages of temporary labourers, transport costs etc,are called

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Fixed costs

Variable costs

Marginal cost

Total cost

The costs which increase with the increase in output and decrease with the decrease in output, are called

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Variable costs

Fixed costs

Average costs

Marginal cost

Which is not included in variable cost

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price of raw material

Advertisement expenditures

rent of builiding

wages of labour

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

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