Average Revenue means:
Per unit revenue received from all the units sold by the producer
Revenue of the units having average size
Total number of units× Revenue per unit
Total revenue × Number of units sold
Correct Answer :
A. Per unit revenue received from all the units sold by the producer
Related Questions
When a consumer is satisfied with his spending pattern, he is said to be in:
Balance stat
Equilibrium
Disequilibrium
Authenticated form
Money spent by a firm on the purchase of capital equipment is:
Fixed cost
Variable cost
Both fixed and variable costs
None of the above
Under monopolistic competition, the products sold by the firms are:
Economic substitutes
Technical substitutes
Both a and b
None of the above
General Equilibrium deals with the equilibrium of the:
Consumer
Producer
Farmer
All the producers and consumers
According to Smith, by value we mean the value with respect to use, and the price we mean the value with respect to:
Production
Consumption
Exchange
Formation
If the production function is homogeneous, the expansion path will be a straight line through the origin whose slope determines the optimal:
L/K ratio
K/L ratio
P/L ratio
P/K ratio
AR curve under perfect competition:
Slopes downwards to the right
Slopes upward to the right
Is vertical to the x-axis
Is horizontal to the x-axis
The elasticity of substitution measures the percentage change in the ratio of inputs when any producer observes the percentage change in:
Output cost
Output ratio
Input prices
Input ratio
A demand schedule is shown as:
A function of price alone
A result of change in tastes
A result of increase in the size of the family
None of the above
The relationship between MC and MP shown by the marginal cost concept is:
Inverse
Direct
Negative
Positive
According to Chamberlin, the activity of a monopolistic competitive firm:
Get noticed by the rival firms
Get unnoticed by the rival firms
Get noticed by the employees of the rival firms
None of the above
The Law of Diminishing Marginal Returns can be explained in terms of:
Economies and diseconomies of production
Indivisibility of factors
Fixity of supply of land
Variable factor productivity
Which is the first-order condition for the profit of a firm to be maximum?
AC=MR
MC=MR
MR=AR
AC=AR
When price increases and with it the total outlay on a commodity also increases, it is a case of:
Perfect elasticity (infinitely elastic)
Relative elasticity (greater than one elasticity)
Perfect inelasticity (zero elasticity)
Relative inelasticity (less than one elasticity)
The cost that a firm incurs in purchasing or hiring any factor of production is referred to as:
Explicit cost
Implicit cost
Variable cost
Fixed cost
Kinked Demand Curve is consistent with which one of the following market situations?
Pure competition
Pure monopoly
Oligopoly
Monopolistic competition
Which of the following is not a feature of isoproduct curves?
Are downward sloping to the right
Show different input combination producing the same output
Intersect each other
Are convex to the origin
Robbins definition of economics was criticised by:
Alfred Marshal
Adam Smith
J.B.Clark
Hicks, Longe and Durbin
Demand for a commodity is elastic when it has
Only one use
Many uses
Uses which cannot be postponed
Uses very essential for the consumer
The Hicksian demand curve includes:
Substitution effect
Income effect
Both substitution and income effect
None of them
In Nash equilibrium, a player:
Deviates from his strategy
Does not deviate from his strategy
Does not think in a good way
None of the above
The Prisoners Dilemma was presented by A.W.Tucker in:
1910
1945
1900
1940
In finding equilibrium position of a profitmaximizing firm, which technique is most convenient?
Total revenue and total cost technique
Marginal revenue and marginal cost technique
Demand and supply technique
None of the above
In monopolistic competition, the real differentiation in products is due to difference in:
Style
Consumer
Cost
Material
The products, under monopolistic competition are differentiated, yet they are:
Complements
Close substitutes
Both a and b
None of the above
Who is the author of Problems of Capital Formation in Underdeveloped Countries?
R.Nurkse
N.Kaldor
S.kuznets
Alfred Marshal
Consumers Surplus can also be defined as:
Extra price benefits
Shortage of quantity
Surplus of quantity
Difference between actual price and potential price
The partial equilibrium model keeps other things:
Variable
Constant
Increasing
Decreasing
The monopolist firm is price setter. The price setter firm is one which:
Can influence the market price
Cannot influence the market price
Can sell at zero price
None of the above
In long run competitive equilibrium:
Every firm will earn economic profit
Every firm will incur losses
Every firm will earn only normal profit
The marginal firm will earn no profit