11th Principles of Economics MCQS Chapter 5

11th Principles of Economics MCQS
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In a production process, when units of variable factors along with the fixed factor of production are increased, marginal cost remains the same, this tendency in economics is called
Law of decreasing return
Law of constant cost
Law of decreasing cost
Law of increasing cost

In law of increasing cost, marginal cost
Increases
Remains constant
Remains fixed
Decreases

Applied on agriculture immediately
Law of substitution
Law of decreasing cost
Law of decreasing return
Law of increasing return

The sector of production, in which nature and human beings play an equal role, there is applicable
Law of constant return
Law of decreasing cost
Law of increasing return
Law of decreasing return

When average product increase, marginal product
Also increases
Is negative
Decreases
Is zero

In law of decreasing cost, marginal cost
Does not change
Increases
Remains constant
Decreases

Under increasing return, the slope of marginal product curve is
Negative
Zero
Positive
Infinite

Production which is produced with a particular combination of factors of production, is called
Positive product
Average product
Marginal product
Total product

When total product decreases, marginal product
Is positive
Is negative
Is increasing
Is zero

Average product is maximum, when marginal product curve ______ average product curve
Is below
Intersects falling
Is above
Intersect rising

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