Money cost is also called
Nominal cost
Real cost
Total cost
Production cost
_______ is the addition made to the total revenue by selling one more unit of a commodity.
Average revenue
Total revenue
Marginal Revenue
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
When the average revenue remains constant, the marginal revenue will also
Increase
Decrease
Remain constant
None of these
The amount of money which the firm recovers by the sale of its output in the market is known as its
Cost
Revenue
Profit
If marginal product is below average product:
The total product fall
The average product will fall
Total revenue will fall
Marginal revenue fall
Real cost is
Pain and sacrifice
Subjective concept
Effort and foregoing leisure
All the above
__________ refers to the total amount of money that a firm receives from the sale of its products.
Marginal revenue
The average variable cost curve:
Is derived from the average fixed cost
Converges with the average cost as output increases
Equals the total costs divided by the output
Equals revenue minus profits
