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
Average fixed cost is obtained by dividing
TC/Q
TFC/Q
TVC/Q
TFC+TVC
Money cost is also called
Nominal cost
Real cost
Total cost
Marginal cost
If marginal product is below average product:
The total product fall
The average product will fall
Total revenue will fall
Marginal revenue will fall
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
Economic profit is the difference between total revenue and
Average cost
Economic costs
Real cost is
Pain and sacrifice
Subjective concept
Effort and foregoing leisure
All the above
__________ refers to the total amount of money that a firm receives from the sale of its products.
Total revenue
Marginal revenue
Average revenue
Total product
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