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Question-1
Revenue received from the sale of additional unit is termed as
(A)
Average Revenue
(B)
Marginal Revenue
(C)
Total Revenue
(D)
Profit
Question-2
Which one of the following statements is true?
(A)
If the marginal cost is greater than the average cost falls
(B)
If the marginal cost is greater than the average cost the average cost increases
(C)
If the marginal cost is positive total costs are maximized
(D)
If the marginal cost is negative total costs increase at a decreasing rate of output increases
Question-3
The average variable cost curve:
(A)
Is derived from the average fixed costs
(B)
Converges with the average cost as output increases
(C)
Equals the total costs divided by the output
(D)
Equals revenue minus profits
Question-4
If firms earn normal profits :
(A)
They will aim to leave the industry
(B)
Other firms will join the industry
(C)
The total revenue equal total costs
(D)
No profit is made in accounting terms
Question-5
If all the units of the product are sold at the same price average revenue will be __________ marginal revenue.
(A)
Equal to
(B)
More than
(C)
Lesser than
(D)
More or lesser than
Question-6
If total units sold of the commodity are multiplied by the cost per unit of the commodity we shall get
(A)
Average Revenue
(B)
Total Revenue
(C)
Marginal Revenue
(D)
Profit
Question-7
If the marginal revenue is less than the marginal cost than to profit maximum a firm should:
(A)
Reduce Output
(B)
Increase Output
(C)
Leave output where it is
(D)
Increase Costs
Question-8
Average fixed cost is
(A)
Never becomes zero
(B)
Curve never touches x - axis
(C)
Curve never touches y - axis
(D)
All the above
Question-9
When internal economies of scale occur?
(A)
Total costs fall
(B)
Marginal costs increase
(C)
Average costs fall
(D)
Revenue falls
Question-10
If marginal product is below average product:
(A)
The total product will fall
(B)
The average product will fall
(C)
Average variable costs will fall
(D)
Total revenue will fall
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Plus 2 Humanities
Kerala (English Medium)
Practice in Related Chapters
Forms of Market
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Indian Economy 1950 - 1990
National Income Accounting
The Theory of Consumer Behaviour (Micro)
Elasticity of Demand (Micro)
Theory of Demand (Micro)
Market Equilibrium Under Perfect Competition (Micro)
Production Function-Returns to a factor(Micro)
Supply and Elasticity of Supply
Cost Revenue and Producers Equilibrium
Forms of Market
National Income Accounting and Circular flow of Income (Macro)
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