| 1 |
Wages of permanent labourers are: |
- A. Fixed cost
- B. Marginal cost
- C. Total cost
- D. Variable cost
|
| 2 |
Marginal revenue product is the amount of money attained by selling |
- A. Average product
- B. Marginal product
- C. Total product
- D. None of these
|
| 3 |
Fixed cost consists of: |
- A. Rent
- B. Salaries
- C. Interest
- D. All of them
|
| 4 |
Under perfect competition: |
- A. AR > MR
- B. AR < MR
- C. AR = MR
- D. All of three
|
| 5 |
When AC is falling then: |
- A. MC = AC
- B. AVC = MC
- C. MC > AC
- D. MC < AC
|
| 6 |
Production of the last unit of a factor of production is called |
- A. Total product
- B. Average product
- C. Marginal product
- D. Positive product
|
| 7 |
In short average cost curve is: |
- A. Saucer shaped
- B. Negative slope
- C. U shaped
- D. Flatter
|
| 8 |
MC cuts AC at: |
- A. Maximum point
- B. Minimum point
- C. Increasing point
- D. Decreasing point
|
| 9 |
According to which economist, it is difficult to find marginal product |
- A. Robbins and Keynes
- B. Marshall and pigou
- C. Adam Smith and Mathuls
- D. Taussing and Davenport
|
| 10 |
Under perfect competition average revenue is equal to: |
- A. Average cost
- B. Price
- C. Marginal revenue
- D. Both b and c
|
