| 1 |
Under perfect competition: |
- A. AR > MR
- B. AR < MR
- C. AR = MR
- D. All of three
|
| 2 |
According to which economist, some factors are indivisble |
- A. Adam Smith
- B. Marshall
- C. Davenport
- D. Hobson
|
| 3 |
Wages of permanent labourers are: |
- A. Fixed cost
- B. Marginal cost
- C. Total cost
- D. Variable cost
|
| 4 |
MC cuts AC at: |
- A. Maximum point
- B. Minimum point
- C. Increasing point
- D. Decreasing point
|
| 5 |
Marginal revenue product curve is called |
- A. Demand curve of firm
- B. Supply curve of firm
- C. Demand curve of industry
- D. Supply curve of industry
|
| 6 |
At least one factor is fixed in: |
- A. Market period
- B. Long period
- C. Short period
- D. All of three
|
| 7 |
The rate change in total cost is: |
|
| 8 |
All factors of production are variable in the: |
- A. Market period
- B. Long period
- C. Short period
- D. All of these
|
| 9 |
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
|
| 10 |
Next best alternative use of resources is known as: |
- A. Implicit cost
- B. Explicit cost
- C. Opportunity cost
- D. Sunk cost
|
