Fixed cost is also known as:
  • Variable cost
  • Actual cost
  • Supplementary cost
  • Short-term cost
Supply falls on the same price when:
  • Where there is decrease in supply
  • When there is contraction in supply
  • When supply increases
  • When there is expansion in supply.
Active factor of production:
  • Capital
  • Labour
  • Land
  • None of these.
In the short-run following factors are included in the process of production:
  • Fixed factors
  • Variable factors
  • Both (a) and (b)
  • None of these.

Production function is expressed as:

  • Q

  • P

  • R

  • None of these

The figure given below shows:
  • Extension in Supply
  • Contraction in Supply
  • Elasticity of supply
  • Elasticity of demand
Following figure shows :
  • Perfectly Elastic Supply
  • Perfectly Inelastic Supply
  • Elastic Supply
  • Inelastic Supply
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