Question # 1

The factor of production which is result of human struggle.

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Land

Labour

Capital

Organization

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

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

One of the following is not land:

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White house

Sub continents

Power house

Both (a) and (b)

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

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

Which one is comparatively the most important factor ?

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Land

Labour

Capital

Organization

Fixed costs are those costs of production which

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Rise with quantity of output

Do not change with any amount of production

Decline with rising production

None of these

One of the following is considered as capital:

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Land

Labour

Raw material

Both (a) and (b)

All the factors production can be hired except.

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Land

Labour

Capital

Organization

Which curve represents demand curve also

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Marginal revenue

Average revenue

Total revenue

Marginal cost

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

Dividing total costs by the units of output is attained

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Average fixed cost

Average cost

Average variable cost

Marginal cost

The slope of MR curve in monopoly is

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Vertical

Increasing

Horizontal

Negative

Wages of temporary labourers are

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Fixed cost

Marginal cost

Total cost

Variable cost

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

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