Real cost is
Pain and sacrifice
Subjective concept
Effort and foregoing leisure
All the above
Average fixed cost is obtained by dividing
TC/Q
TFC/Q
TVC/Q
TFC+TVC
Social costs are those costs
Not borne by the firms
Incurred by the society
Health hazards
All of the above
Total cost is the sum of
Total fixed cost and total variable cost
Total fixed cost and average cost
Marginal cost and average cost
Price equals
Total revenue - quantity
Total revenue / quantity sold
Total quantity sold × quantity sold
Total revenue / total cost
Money cost is also called
Nominal cost
Real cost
Total cost
Marginal cost
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
The amount of money which the firm recovers by the sale of its output in the market is known as its
Cost
Revenue
Profit
Investment
Economic cost includes explicit cost and
Implicit cost
Social cost
Fixed cost
Money 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
