Real cost is
Pain and sacrifice
Subjective concept
Effort and foregoing leisure
All the above
Social costs are those costs
Not born by the firms
Incurred by the society
Health hazards
All of the above
Marginal revenue is the least addition made to the
Average revenue
Total production
Total Revenue
Total cost
_______ is the addition made to the total revenue by selling one more unit of a commodity.
Total revenue
Marginal Revenue
If marginal revenue equals marginal cost:
No profit is being made
Total revenue equals total cost
Profit are maximized
Producing another unit could increase profit
Average fixed cost is obtained by dividing
TC/Q
TFC/Q
TVC/Q
TFC+Q
If marginal product is below average product:
The total product fall
The average product will fall
Total revenue will fall
Marginal revenue fall
The amount of money which the firm recovers by the sale of its output in the market is known as its
Cost
Revenue
Profit
Price equals:
Total revenue - quantity
Total revenue / quantity sold
Total quantity sold × quantity sold
Total revenue / total cost
Economic cost includes explicit cost and
Implicit cost
Social cost
Fixed cost
Money cost.
