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The cost that a firm incurs in purchasing or hiring any factor of production is referred to as:

A. Explicit cost

B. Implicit cost

C. Variable cost

D. Fixed cost

Please do not use chat terms. Example: avoid using "grt" instead of "great".

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  1. Iso-product curve (isoquant) shows:
  2. If the supply and demand increases equally, the price will:
  3. If the commodities X and Y are perfect substitutes then:
  4. If Cobb-Douglas production function is homogeneous of degree less than one (n
  5. Economics is a:
  6. The Hicksian indirect utility function in the form of equation is:
  7. According to Smith, by value we mean the value with respect to use, and the price we mean the value…
  8. When the level of optimal factor combination is over and more labor is employed with the fixed plant,…
  9. On all points of budget (price) line:
  10. On a straight line demand curve, elasticity of demand at the midpoint is:
  11. In a competitive market, price is determined primarily by:
  12. When elasticity of demand is greater than one (e >1), then following the formula MR=P[1-1/e], the MR…
  13. Which of the following is not a feature of isoproduct curves?
  14. The main contribution of Prof.Robbins is in the field of:
  15. Average cost means:
  16. The study of economic theory for the sake of certain objective is called:
  17. Which form of market structure is characterized by interdependence in decision-making as between the…
  18. The cost of firms in cournot model are:
  19. The study of economics just in theoretical way is called:
  20. When at a given price, the quantity demanded of a commodity is more than the quantity supplied, there…
  21. In monopoly, the relationship between average revenue and marginal revenue curves is as follows:
  22. The Lambda or Langrange Multiplier is a:
  23. In first degree price discrimination, monopolist takes away :
  24. Who developed the concept of Representative Firm?
  25. Marginal Productivity Theory deals with the theory of:
  26. In the case where two commodities are good substitutes then cross elasticity will be:
  27. Extension (expansion) and contraction of demand are result of:
  28. Economic problems arise because:
  29. Indifference curves reflect:
  30. A good tends to have relatively inelastic demand, if: