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The average cost curve is a geometrical illustration of:

A. Hydraulic function

B. Cubic function

C. Pentagonic function

D. Quadratic function

Correct Answer : D.


The quadratic function shows that if by increase the value of independent variable the value of dependent variable is decreasing then after a certain level it starts to increase and vice versa. is a quadratic function.

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  1. The difference between average total cost and average fixed cost shows:
  2. Repetition of a game (Repeated Game):
  3. If a firm is producing output at a point where diminishing returns have set in, this means that:
  4. If a consumer buys a product that costs Rs.3 and provides an additional 18 units of satisfaction, then…
  5. In a socialist (communist) economy the invisible hand:
  6. A monopolist is:
  7. 7.In an economy based on the price system the decision on what shall be produced is made by:
  8. Increasing return to scales can be explained in terms of:
  9. In modern theory of costs, a firm normally utilizes:
  10. Which of the following is assumed to be constant when drawing a demand curve?
  11. If the increase in demand is more than the increase in supply, the price will:
  12. Any straight line supply which cuts the x-axis will have:
  13. The relationship between AC and MC curves depend upon the behavior of:
  14. The short-run supply curve of the perfectly competitive firm is given by:
  15. In second degree price discrimination, monopolist takes away :
  16. With an increase in income, consumer is expected to buy more of:
  17. Income distribution effects:
  18. Average cost curve contains in it:
  19. Normal profits are considered as:
  20. The point on which the average cost is minimum in a firm, short run average cost curve will also be…
  21. MC is given by:
  22. Identify the work of T.W.Schultz:
  23. The elasticity of demand is equal to slope of demand function divided by:
  24. When elasticity of demand is greater than one (e >1), then following the formula MR=P[1-1/e], the MR…
  25. Profits of a firm will be calculated taking into account the units produced and the difference between:
  26. A shift in the demand for a product is likely to result from a change in:
  27. Law of variable proportions is based on the assumption of:
  28. The external economies of scale experienced by a firm include the:
  29. Under conditions of perfect competition, price in the long-run is equal to:
  30. The cobweb model will convergent when the slope of: