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Question-1
Price equals
(A)
Total revenue - Quantity
(B)
Total revenue/Quantity sold
(C)
Total quantity sold × Quantity sold
(D)
Total revenue/Total cost
Question-2
__________ increases and decreases with the volume of output.
(A)
Fixed Cost
(B)
Variable Cost
(C)
Total Cost
(D)
Money Cost
Question-3
Revenue received from the sale of additional unit is termed as
(A)
Average Revenue
(B)
Marginal Revenue
(C)
Total Revenue
(D)
Profit
Question-4
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-5
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-6
If law of diminishing return is in operation average cost
(A)
Decreases
(B)
Increases
(C)
Remains Constant
(D)
Decreases Slowly
Question-7
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-8
The profit per sale is a measure of
(A)
Cash Flow
(B)
Profitability
(C)
Feasibility
(D)
Liquidity
Question-9
If marginal cost is positive and falling
(A)
Total cost is falling
(B)
Total cost is increasing at a falling rate
(C)
Total cost is falling at a falling rate
(D)
Total cost is increasing at an increasing rate
Question-10
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
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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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