| 1 |
All factors of production are variable in the: |
- A. Market period
- B. Long period
- C. Short period
- D. All of these
|
| 2 |
Under perfect competition: |
- A. AR > MR
- B. AR < MR
- C. AR = MR
- D. All of three
|
| 3 |
According to which economist, it is difficult to find marginal product of a factor of production |
- A. Marshall and pigou
- B. Adam Smith and Malthus
- C. Keynes
- D. Taussing and Davenport
|
| 4 |
Long run average cost curve is: |
- A. Planning curve
- B. Envelope curve
- C. Flatter curve
- D. All of three
|
| 5 |
When Ac is rising: |
- A. AC = MC
- B. MC > AC
- C. MC < AC
- D. Both (b) and (c)
|
| 6 |
According to which theory every factor of production gets the reward of its services equal to its marginal product |
- A. Demand and supply theory
- B. Liquidity preference theory
- C. Marginal productivity theory
- D. Uncertainty theory
|
| 7 |
Marginal revenue product is the amount of money attained by selling |
- A. Average product
- B. Marginal product
- C. Total product
- D. None of these
|
| 8 |
Self owned resources are known as: |
- A. Implicit cost
- B. Explicit cost
- C. Opportunity cost
- D. Sunk cost
|
| 9 |
The rate change in total cost is: |
|
| 10 |
Cost of a firm on the optimum combination of factors of production is |
- A. Minimum
- B. Maximum
- C. Reasonable
- D. Positive
|
