Question # 1

Long run average cost curve is:

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Planning curve

Envelope curve

Flatter curve

All of three

Demand for factors of production is

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Direct

Derived

Positive

Negative

Wages of permanent labourers are:

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Fixed cost

Marginal cost

Total cost

Variable cost

AR curve is also called:

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Supply curve

Demand curve

Utility curve

Cost curve

When AC is falling then:

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MC = AC

AVC = MC

MC > AC

MC < AC

MPP stand is

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Marginal price product

Marginal Physical Product

Marginal Physical Price

Marginal Perfect Price

Marginal revenue product curve is called

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Demand curve of the firm

Supply curve of the firm

Demand curve of the industry

Supply curve of industry

Production of the last unit of a factor of production is called

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Total product

Average product

Marginal product

Positive product

Cost of a firm on the optimum combination of factors of production is

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Minimum

Maximum

Reasonable

Positive

According to which theory every factor of production gets the reward of its services equal to its marginal product

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Demand and supply theory

Liquidity preference theory

Marginal productivity theory

Uncertainty theory

Marginal productivity theory was presented by

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Adam Smith and Malthus

Marshall and J.B Clark

Robbins and Keyness

Pigou and Cannon

Next best alternative use of resources is known as:

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Implicit cost

Explicit cost

Opportunity cost

Sunk cost

Self owned resources are known as:

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Implicit cost

Explicit cost

Opportunity cost

Sunk cost

TC = TFC +:

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MC

AR

TVC

TAC

The rate change in total cost is:

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TR

MC

MR

TC

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Principles of Economics Icom Part 1 English Medium Chapter 8 Online Test MCQs With Answers

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