If marginal product is below average product:
The total product fall
The average product will fall
Total revenue will fall
Marginal revenue will fall
The marginal cost curve is _________ shaped.
V shaped
U shaped
Curve
None of these
Social costs are those costs
Not borne by the firms
Incurred by the society
Health hazards
All of the above
_______ 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
All the above
Money cost is also called
Nominal cost
Real cost
Total cost
Marginal cost
Marginal revenue is the least addition made to the
Total production
Total 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
Real cost is
Pain and sacrifice
Subjective concept
Effort and foregoing leisure
When the average revenue remains constant, the marginal revenue will also
Increase
Decrease
Remain constant
