If marginal cost is positive and falling
Total cost is falling
Total cost is increasing at a falling rate
Total cost is falling at a falling rate
Total cost is increasing at an increasing rate
Economic cost includes explicit cost and
Implicit cost
Social cost
Fixed cost
Money cost.
Money cost is also called
Nominal cost
Real cost
Total cost
Marginal 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
Price equals
Total revenue - quantity
Total revenue / quantity sold
Total quantity sold × quantity sold
Total revenue / total cost
_______ is the addition made to the total revenue by selling one more unit of a commodity.
Average revenue
Total revenue
Marginal Revenue
None of these
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
All the above
Marginal revenue is the least addition made to the
Total production
Total Revenue
If marginal product is below average product:
The total product fall
The average product will fall
Total revenue will fall
Marginal revenue will fall
