11th Principles of Economics MCQS
When average cost is minimum, marginal cost is – – – – – – – – average cost
More than
Less than
None of three
Equal to
In the short period, fixed cost curve has the tendency
Parallel to ox-axis
Negative
Positive
Parallel to oy-axis
In perfect competition the average revenue curve is
Horizontal
Rising
Vertical
Declining
The amount of money which a firm gets by selling a particular quantity of output, is called
Average revenue
Marginal revenue
Total revenue
Fixed cost
One of the following is not included in explicit cost
Price of raw material
Reward of entrepreneur’s personal labour
Wages of labourers
Interest of capital
Under perfect competition average revenue is always – – – marginal revenue
Less than
None of three
Equal to
More than
The kind of market, in which a single firm produces a single commodity which has no close substitute
Monopoly
Oligopoly
Perfect competition
Duopoly
How many kinds of costs are in the short period
Four
Two
Three
Five
Fixed costs are those costs of production which
Rise with quantity of output
Do not change with any amount of production
None of these
Decline with rising production
Nature of inter-relationship of average revenue and marginal revenue under perfect competition is
Marginal revenue remains less than average revenue
Average revenue remains equal to marginal revenue
Average revenue remains less than marginal revenue
Average revenue remains more than marginal revenue
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