| 1 |
Under perfect competition: |
- A. AR > MR
- B. AR < MR
- C. AR = MR
- D. All of three
|
| 2 |
When Ac is rising: |
- A. AC = MC
- B. MC > AC
- C. MC < AC
- D. Both (b) and (c)
|
| 3 |
If a firm does not produce anything then its variable cost is: |
- A. Minimum
- B. Negative
- C. Maximum
- D. Zero
|
| 4 |
Under perfect competition average revenue is equal to: |
- A. Average cost
- B. Price
- C. Marginal revenue
- D. Both b and c
|
| 5 |
Cost of a firm on the optimum combination of factors of production is |
- A. Minimum
- B. Maximum
- C. Reasonable
- D. Positive
|
| 6 |
Marginal revenue product curve is called |
- A. Demand curve of the firm
- B. Supply curve of the firm
- C. Demand curve of the industry
- D. Supply curve of industry
|
| 7 |
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
|
| 8 |
Production of the last unit of a factor of production is called |
- A. Total product
- B. Average product
- C. Marginal product
- D. Positive product
|
| 9 |
MPP stand is |
- A. Marginal price product
- B. Marginal Physical Product
- C. Marginal Physical Price
- D. Marginal Perfect Price
|
| 10 |
Fixed cost consists of: |
- A. Rent
- B. Salaries
- C. Interest
- D. All of them
|
