Economics MCQS with Answers 1st Year
The demand for a factor is called.
Joint demand
Composite demand
derived demand
No demand
Marginal revenue recommended by symbol
None of these
MR
AR
MC
The correlation between average wage (AW) and marginal wage (MW) under perfect competition is .
AW < MW
AW > MW
AW = MW
None of the three
In short period how many possibilities in which a firm may find itself
seven
four
five
six
Choose the correct condition of equilibrium of firm
Both a and b
MC + MR – AR
MC = MR
MC curve cuts MR curve from below
The most efficient scale of production of a firm is where
LAC is minimum
LMC is minimum
SAC is minimum
SMC is minimum
A firm should shut down in the short run if it is not covering its
variable cost
total cost
explicit cost
fixed cost
:It is not possible to separate marginal revenue product of each factor of production:. It was said by:
Hansen
Hicks
Carver
Hobson
Normal profit is called normal because
it is maximum allowed by govt.
it is neither very high nor very low
it is minimum which buyer wants to pay
it is minimum acceptable to the producer
Marginal revenue is always less than price at all level of output in
perfect competition
none of the above
monopoly
both a and b
Continue Reading Go to Next Page
Google Ads