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Class 11 Economics
Production And Costs
Quiz 2
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Which statement of the following is true ?
0%
AC=TFC – TVC
0%
AC = AFC + TVC
0%
AC=TFC + AVC
0%
AC = AFC + AVC
Explanation
AC = AFC + AVC
What is an opportunity cost ?
0%
The alternative foregon
0%
The opportunity lost
0%
Transfer earnings
0%
All of these
Explanation
All of these
The shape of average cost curve is :
0%
U-shaped
0%
Reactangular Hyperbola shaped
0%
Line parallel to x-axis
0%
None of these
Explanation
U-shaped
The average fixed cost at 5 units of output is Rs. Average variable cost at 5 units of output is Rs. Average cost of producing 5 units is:
0%
Rs. 20
0%
Rs. 40
0%
Rs. 56
0%
Rs. 60
Explanation
Rs. 60
Which of the following is correct ?
0%
TVC = TC – TFC
0%
TC = TVC-TFC
0%
TFC = TVC + TC
0%
TC = TVC x TFC
Explanation
TVC = TC – TFC
Average variable costs can be defined as:
0%
TVC x Q
0%
TVC + Q
0%
TVC-Q
0%
TVC ÷ Q
Explanation
TVC ÷ Q
With increase in output, the difference between total cost and total variable cost:
0%
Decreases
0%
Increases
0%
Remains Constant
0%
None of the above
Explanation
Remains Constant
Which factors are used in short-run production process ?
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Fixed Factors
0%
Variable Factors
0%
Both (a) and (b)
0%
None of the above
Explanation
Both (a) and (b)
In which market MR may become zero or negative ?
0%
Monopoly
0%
Monopolistic Competition
0%
Both (a) and (b)
0%
Perfect Competition
Explanation
Both (a) and (b)
In which market AR = MR ?
0%
Monopoly
0%
Monopolistic Competition
0%
Both (a) and (b)
0%
Perfect Competition
Explanation
Perfect Competition
In monopoly and monopolistic competition :
0%
AR = MR
0%
AR > MR
0%
AR < MR
0%
None of these
Explanation
AR > MR
To which market, following figure belongs ?
0%
Perfect Competition
0%
Monopoly
0%
Monopolistic Competition
0%
None of the above
Explanation
Monopoly
With which condition, firm will get maximum profit ?
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Where MR = MC
0%
Where MC cuts MR from below
0%
Both (a) and (b)
0%
None of the above
Explanation
Both (a) and (b)
In perfect competition, which of the following remains constant ?
0%
AR
0%
MR
0%
Both AR and MR
0%
None of the both
Explanation
Both AR and MR
In perfect competition:
0%
AR = MR
0%
AR > MR
0%
MR < MC
0%
MR = MC = 0
Explanation
MR = MC
When 5 units of a goods are sold, total revenue is Rs. When 6 units are sold, marginal revenue is Rs. At what price are 6 units sold ?
0%
Rs. 28 per unit
0%
Rs. 20 per unit
0%
Rs. 18 per unit
0%
Rs. 12 per unit
Explanation
Rs. 18 per unit
MR is shown as:
0%
\(\frac { ΔTR }{ ΔQ }\)
0%
\(\frac { TR }{ Q }\)
0%
\(\frac { ΔAR }{ Q }\)
0%
None of these
Explanation
\(\frac { ΔTR }{ ΔQ }\)
AR is shown as:
0%
\(\frac { TR }{ Q }\)
0%
\(\frac { ΔQ }{ P }\)
0%
\(\frac { ΔTR }{ ΔQ }\)
0%
None of these
Explanation
\(\frac { TR }{ Q }\)
In which market AR curve is parallel to X-axis ?
0%
Perfect Competition
0%
Monopoly
0%
Monopolistic Competition
0%
In all the above
Explanation
Perfect Competition
Which of the following is a true statement ?
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AR indicates price
0%
AR Curve and Demand Curve are the same
0%
Both (a) and (b)
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None of the above
Explanation
Both (a) and (b)
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