Social costs
Opportunity costs
Explicit costs
Implicit costs
C. Explicit costs
MC
AVC
TFC
AC
Rising cost
Falling cost
Rising input
Falling input
Increase in demand for Y
Decrease in demand for Y
Decrease in demand for both X and Y
No change in demand for Y
MR constant
MR rises
MR falls
MR is zero
Due to change in price while other factors remain constant
Due to change in factors other than price
Both a and b
None of the above
Total expenditures increases
Total expenditures decreases
Total expenditures are zero
Total expenditures remain same
Short period of time
Long period of time
Timeless production relationship
All of the above
Demand curve for sugar will shift downward (leftward)
Supply curve for sugar will shift leftward (upward)
Demand curve for bread will shift downward (leftward)
None of the above
The average fixed cost is covered
The average variable cost is covered
Some profit is earned
The entrepreneurs enjoy producing
Determination of the rate of interest
Determination of the market price
Determination of the wage rate
Determination of production of firm
Similar choices
Unlimited choices
Differential choices
Few choices
Monopoly
Oligopoly
Imperfect competition
Perfect competition
Appear
Diminish
Prominent
Increase
Different prices
Similar prices
High prices
Low prices
Borne mostly by producers
Borne mostly by consumers
Borne mostly by government
Shared equally by producers and consumers
The rising portion of its MR over and above the break-even (shut-down) point
The rising portion of its MC over and above the break-even (shut-down) point
The rising portion of its MC over and above the AC curve
The rising portion of its MC curve
Perfectly elastic
Elastic
Unitary elastic
Inelastic
Functional relationships
Family relationships
Economic position
Stagnant relationships
Isoquant line
Isocost line
Indifference curve
Price line
Applies on both money and other commodities
Does not apply on money
Does not apply on bank money but applies on cash money
Applies on all the commodities except on money
Double to that of AR
1/2 to that of AR
2/3 to that of AR
Four times to that of AR
Hiring the building for the factory
Purchasing heavy machines
Paying the manager of the factory
Paying the laborers
Which are not incurred by the firm and may accrue to the community
Of resources the cost of factors owned by the firm
Of resources supplied by the household
Of government externalities
Consumers
Employees
People
Labor
Firms and industry price
Monopoly and duopoly price
Competitive and monopoly price
None of the above
Normal profits
Implicit costs
Variable costs
Opportunity costs
The producer will often produce a volume that is less than the amount which would maximize the social welfare.
The producer will often produce a volume that is more than the amount which would maximize the social welfare.
The consumers will often consume a volume that is more than the amount which would maximize the social welfare.
None of the above
Iso-utility curve
Production possibility line
Isoquant
Consumption possibility line
Concave to X-axis
Convex to X-axis
Concave to Y-axis
Convex to Y-axis
Can sell more
Reduces its revenues
Can sell nothing
Increases its revenues