| 1 |
The most efficient scale of production of a firm is where |
- A. LAC is minimum
- B. SAC is minimum
- C. LMC is minimum
- D. SMC is minimum
|
| 2 |
The demand for a factor is called. |
- A. Composite demand
- B. Joint demand
- C. derived demand
- D. No demand
|
| 3 |
MRP curve of a firm represent demand curve of industry under. |
- A. Imperfect compitition
- B. Monolopy
- C. Oligopoly
- D. Perfect competition
|
| 4 |
The demand for a factor depends on its. |
- A. MRP
- B. ARP
- C. MRP = ARP
- D. MRP < ARP
|
| 5 |
Under perfect competition |
- A. AC = AVC
- B. AR = AC
- C. AR = MC
- D. AR= MR
|
| 6 |
"The reward for a factor is determined by the marginal revenue product of the factor" . it was said by: |
- A. J.M. Keynes
- B. Taussing
- C. Hansen
- D. Carver
|
| 7 |
Profit is maximum when |
- A. TC and TR curves are parallel
- B. MC and MR curves are parallel
- C. TC and TR curves cross each other
- D. AC and AR curves cross each other
|
| 8 |
The necessary condition for equilibrium position of a firm is |
- A. MR > MC
- B. MC > price
- C. MC = MR
- D. MC = AC
|
| 9 |
One of the following is not assumption of the marginal productivity theory. |
- A. All factors of production are present substitutes of each other.
- B. Law of increasing return applies in the production process.
- C. There is perfect mobility of factor of production
- D. Units of each factors of production are identical
|
| 10 |
With an increase in wage rate supply of labour. |
- A. Decrease
- B. Increase
- C. Remains constant
- D. None of the three
|
