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4

In short run, a firm would remain in business as long as which one of the following of cost is covered?

A. Total costs

B. Fixed costs

C. Variable costs

D. Constant costs

Correct Answer :

C. Variable costs


Related Questions

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If Marginal Utility (MU) is zero, then total utility is:

A. Maximum

B. Minimum

C. Infinite

D. Not measureable

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If the commodities X and Y are perfect substitutes then:

A.

B.

C. >

D. None of the above

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The difference between the average total cost and average variable cost as output increases will:

A. Increases

B. Remains the same

C. Diminishes

D. Zero

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4

The number of sellers in duopoly is:

A. A few

B. Four

C. Two

D. Very large

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4

Labor theory was firstly rejected by:

A. Adam Smith

B. Karl Marx

C. Ricardo

D. Pigou

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An increase in the supply of a commodity is caused by:

A. Improvements in its technology

B. Fall in the prices of other commodities

C. Fall in the prices of factors of production

D. All of the above

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4

The cobweb model will divergent when the slope of:

A. Demand curve is more than supply curve

B. Supply curve is more than demand curve

C. Supply curve is equal to demand curve

D. None of the above

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4

Identify the author of The Affluent Society?

A. Gunnar Myrdal

B. N.Kaldor

C. A.C.Pigou

D. J.K.Galbraith

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4

The basic subject matter of economics is:

A. Money

B. Capital resources

C. Scarcity

D. Inflation

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Identify the work of Irving Fisher:

A. Policy on trade

B. Policy against inflation

C. The making of index numbers

D. Labor theory

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4

Gold is bought and sold in a:

A. Perfectly competitive international market

B. Perfectly competitive national market

C. Imperfect international market

D. Imperfect national market

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To attain maximum profits during short-run a firm should produce the output that will:

A. Yield maximum total revenue

B. Minimize marginal cost

C. Maximize marginal cost

D. Equate marginal revenue with marginal cost

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4

The standard form of demand function is:

A. Q = a- bP

B.

C. Y = a- bP

D. Q = a+ bP

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For the given production function, technical efficiency is defined as:

A. Sets of points relating production function that maximizes output given input (labor) i.e. Q = f(L, K)

B. Sets of points relating production function that produces less output than possible for a given set of input (labor) i.e. Q < f(L, K)

C. Use of imported technology

D. None of the above

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Normal profits are considered as:

A. Explicit costs

B. Implicit costs

C. Social costs

D. Private cost

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The difference between average total cost and average fixed cost shows:

A. Normal profits

B. Implicit costs

C. Variable costs

D. Opportunity costs

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The central problem of economics is:

A. Declining productivity

B. Increasing consumption

C. Limited material wants

D. Limited resources and unlimited wants

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In general, most of the production functions measure:

A. The productivity of factors of production

B. The relation between the factors of production

C. The economies of scale

D. The relations between change in physical inputs and physical output

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4

The income consumption curve (ICC) is the locus of points of consumer equilibrium resulting:

A. Only when the price of commodity X changes

B. Only when the price of commodity Y changes

C. Only when the consumers income is varied

D. None of the above

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In Prisoners Dillemma, the players are:

A. Industrialists

B. Prisoners

C. Common men

D. Workers

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The combination of labor and capital where the cost of a given output is minimized is known as:

A. Least cost factor combination

B. Optimum factor combination

C. Both a and b

D. None of them

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The maximization of output subject to cost requires equilibrium at the:

A. Lowest isoquant

B. Lowest isocost line

C. Highest isoquant

D. Highest isocost line

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Entry of new firms into a competitive market will shift the supply curve of the:

A. Firm to the left

B. Industry to the right

C. Firm to the right

D. Industry to the left

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Quantity demanded or supplied is measured in:

A. Monetary units

B. Physical units

C. Relative units

D. Constant units

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4

Used cars are sold in:

A. Perfectly competitive international market

B. Perfectly competitive national market

C. Imperfect international market

D. Imperfect local market

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4

Market demand curve is:

A. Vertical summation of individual demand curves

B. Upward summation of individual demand curves

C. Downward summation of individual demand curves

D. Horizontal summation of individual demand curves

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The kinked demand curve comes into being where:

A. Proportional demand curve (PDC) and individual demand curve (IDC) intersect each other

B. Proportional demand curve (PDC) and individual demand curve (IDC) are parallel to each other

C. Proportional demand curve (PDC) and individual demand curve (IDC) repel each other

D. None of the above

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Under conditions of perfect competition, price in the long-run is equal to:

A. Minimum of average variable cost

B. Minimum of marginal cost

C. Minimum of average fixed cost

D. Minimum of average cost

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Which of the following curves is a rectangular hyperbola?

A. ATC

B. AVC

C. AFC

D. None of the above

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Karl Marx:

A. Led the Russian Revolution

B. Provided the theoretical basis for socialism(communism)

C. Developed his theory in response to the Great Depression of the 1930s

D. None of the above