| 1 |
Lowest point on the average cost curve in the long-run represents; |
- A. Optimum factors combination
- B. Maximum level of output
- C. Maximum level of total revenue
- D. None of the three
|
| 2 |
TVC |
- A. starts from origin
- B. not from origin
- C. is parallel to x-axis
- D. is parallel to y-axis
|
| 3 |
Long rum is a period |
- A. three years or longer
- B. long enough to allow firms to change plant size and capacity
- C. in which a firm need not get loans
- D. which affects larger more than smaller firms
|
| 4 |
Long run average cost curve is : |
- A. U shaped
- B. L shaped
- C. Dish shaped
- D. None of the three
|
| 5 |
Short run means is a period |
- A. less than one year
- B. in which at least one input is fixed
- C. in which no input can be changed
- D. in which firms can easily enter or exit
|
| 6 |
One of the following is an example of monopoly. |
- A. Motorways
- B. Pakistan railways
- C. PIA
- D. None of these
|
| 7 |
The cost which a firm incurs for purchasing or hiring factors is called |
- A. implicit
- B. explicit
- C. real
- D. basic
|
| 8 |
Excise tax is a part of |
- A. fixed cost
- B. variable cost
- C. implicit cost
- D. in not a part of cost
|
| 9 |
Total cost curve in general is a. |
- A. Linear function
- B. Quadratic function
- C. Cubic function
- D. Long function
|
| 10 |
Unit cost is another name for |
- A. MC
- B. AVC
- C. ATC
- D. AFC
|
