Average fixed cost is obtained by dividing
TC/Q
TFC/Q
TVC/Q
TFC+Q
Total cost is the sum of
Total fixed cost and total variable cost
Total fixed cost and average cost
Marginal cost and average cost
Marginal cost and total fixed cost
If the marginal revenue is less than the marginal cost then to profit maximize a firm should
Reduce output
Increase output
Leave output where it is
Increase costs
_______ is the addition made to the total revenue by selling one more unit of a commodity.
Average revenue
Total revenue
Marginal Revenue
Total cost
Money cost is also called
Nominal cost
Real cost
Production cost
The amount of money which the firm recovers by the sale of its output in the market is known as its
Cost
Revenue
Profit
__________ refers to the total amount of money that a firm receives from the sale of its products.
Marginal revenue
All the above
Economic profit is the difference between total revenue and
Average cost
Marginal cost
Economic costs
Marginal revenue is the least addition made to the
Total production
Total Revenue
When the average revenue remains constant, the marginal revenue will also
Increase
Decrease
Remain constant
None of these
