_________ cannot be changed in the short period .
Fixed Cost
Production Cost
Total Cost
Variable Cost
When internal economies of scale occur?
Total costs fall
Marginal costs increase
Average costs fall
Revenue falls
Wages is __________ cost of the production.
Fixed
Variable
Opportunity
Marginal
__________ increases and decreases with the volume of output.
Money Cost
If the marginal revenue is less than the marginal cost than to profit maximum a firm should:
Reduce Output
Increase Output
Leave output where it is
Increase Costs
If total units sold of the commodity are multiplied by the cost per unit of the commodity we shall get
Average Revenue
Total Revenue
Marginal Revenue
Profit
If firms earn normal profits :
They will aim to leave the industry
Other firms will join the industry
The total revenue equal total costs
No profit is made in accounting terms
Price equals
Total revenue - Quantity
Total revenue/Quantity sold
Total quantity sold × Quantity sold
Total revenue/Total cost
If law of diminishing return is in operation average cost
Decreases
Increases
Remains Constant
Decreases Slowly
Average fixed cost is
Never becomes zero
Curve never touches x - axis
Curve never touches y - axis
All the above
