Economics MCQS with Answers 1st Year
As output increases
MC continuously rises
MC firstly rises then falls
MC curve firstly falls then rises
continuously falls
Which statement is true
ATC + MC = AFC
ATC + AVC = AFC
ATC + AFC = AVC
AFC + AVC = ATC
The sacrifice of an alternative use of resources to produce something is called its
sacrifice cost
opportunity cost
alternative cost
real cost
Change in total cost on the production of one additional unit of output is calculated as .
Marginal product
Total cost
Average cost
Marginal cost
One of the following is an example of monopoly.
PIA
Pakistan railways
Motorways
None of these
Short run cost curves are.
U-shaped
v-shaped
L-shaped
Dish-shaped
The cost which a firm incurs for purchasing or hiring factors is called
implicit
real
explicit
basic
As output increase, one of the following costs will also increase:
Marginal cost
Average cost
Fixed cost
Variable cost
The long run average cost curve is tangent to various
AVCs
short run ACs
AFCs
short run TCs
All the following are U-shape except
MC
AFC
AC
AVC
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