Question # 1

Marginal revenue product is the amount of money attained by selling

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Average product

Marginal product

Total product

None of these

Under monopoly the slopes of AR and MR are:

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Zero

Positive

Negative

None of three

Fixed cost consists of:

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Rent

Salaries

Interest

All of them

Self owned resources are known as:

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Implicit cost

Explicit cost

Opportunity cost

Sunk cost

Which law is applicable on production process under marginal productivity theory

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Law of increasing return

Law of constant return

Law of decreasing return

Law of decreasing cost

In short average cost curve is:

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Saucer shaped

Negative slope

U shaped

Flatter

Wages of permanent labourers are:

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Fixed cost

Marginal cost

Total cost

Variable cost

Under perfect competition:

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AR > MR

AR < MR

AR = MR

All of three

Demand for factors of production is

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Direct

Derived

Positive

Negative

The rate change in total cost is:

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TR

MC

MR

TC

MC cuts AC at:

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Maximum point

Minimum point

Increasing point

Decreasing point

When AC is falling then:

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MC = AC

AVC = MC

MC > AC

MC < AC

Marginal revenue product curve is called

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Demand curve of firm

Supply curve of firm

Demand curve of industry

Supply curve of industry

When Ac is rising:

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AC = MC

MC > AC

MC < AC

Both (b) and (c)

MPP stand is

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Marginal price product

Marginal Physical Product

Marginal Physical Price

Marginal Perfect Price

All factors of production are variable in the:

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Market period

Long period

Short period

All of these

Tendency of demand curve of a factor of production is

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Positive

Negative

Zero

Horizontal

According to which economist, it is difficult to find marginal product of a factor of production

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Marshall and pigou

Adam Smith and Malthus

Keynes

Taussing and Davenport

At least one factor is fixed in:

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Market period

Long period

Short period

All of three

Under perfect competition average revenue is equal to:

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Average cost

Price

Marginal revenue

Both b and c

According to which economist, it is difficult to find marginal product

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Robbins and Keynes

Marshall and pigou

Adam Smith and Mathuls

Taussing and Davenport

TC = TFC +:

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MC

AR

TVC

TAC

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

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