If law of diminishing return is in operation average cost
Decreases
Increases
Remains Constant
Decreases Slowly
__________ increases and decreases with the volume of output.
Fixed Cost
Variable Cost
Total Cost
Money Cost
If total units sold of the commodity are multiplied by the cost per unit of the commodity we shall get
Average Revenue
Total Revenue
Marginal Revenue
Profit
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
If the marginal revenue is less than the marginal cost than to profit maximum a firm should:
Reduce Output
Increase Output
Leave output where it is
Increase Costs
If all the units of the product are sold at the same price average revenue will be __________ marginal revenue.
Equal to
More than
Lesser than
More or lesser than
_________ cannot be changed in the short period .
Production Cost
Which one of the following statements is true?
If the marginal cost is greater than the average cost falls
If the marginal cost is greater than the average cost the average cost increases
If the marginal cost is positive total costs are maximized
If the marginal cost is negative total costs increase at a decreasing rate of output increases
If marginal product is below average product:
The total product will fall
The average product will fall
Average variable costs will fall
Total revenue will fall
Revenue received from the sale of additional unit is termed as
