Which of the following formulae explain the term average revenue?
Total units /No. of Revenues
Total Revenue/No. of Units
Marginal Revenue × Units
Total Units/ Price
Correct Answer :
B. Total Revenue/No. of Units
Related Questions
On an indifference map higher indifference curves show:
The same level of price
The same level of satisfaction
The higher level of satisfaction
The lower level of satisfaction
The Substitution Effect (S.E) is always:
Negative
Zero
Positive
Infinite
Average cost means:
Cost of the average units
Cost of the last units of average
Cost of the unit of production
Total cost marginal cost
Each firm in cournot model assumes that its competitor will:
change its output
not change its output
change its price
not change its price
The main contribution of Adam Smith is in the field of:
Economics of state
Wealth of Nations
Value and price
Theory of demand
The optimum level of output in long run takes place where:
LAC = LMC
SAC = LMC
SAC =MC
SAC =LAC
A monopolist is able to maximize his profit when:
His output is maximum
He charges a high price
His average cost is minimum
His marginal revenue is equal to marginal cost
The difference between accounting profits and economic profits is:
Implicit costs
Explicit costs
Fixed costs
Variable costs
If the price of Pepsi Cola goes down, you would predict:
An increase in supply of coca cola
A decrease in supply of coca cola
An increase in demand for coca cola
A decrease in demand for coca cola
Demand is elastic when the coefficient of elasticity is:
greater than zero
less than one
greater than one
less than one
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
A significant property of the Cobb-Douglas production function is that the elasticity of substitution between inputs is:
Greater than one
Less than one
Zero
Equal to one
In cournot model, firms face:
Negatively sloped demand curve
Positively sloped demand curve
Horizontal demand curve
Vertical demand curve
The main contribution of Alfred Marshal is in the field of:
Research in mathematical economics
Economics of labor
Theory of production
Theory of demand
The total revenue curve for monopolist is the shape of:
Circle
Rectangle
Parabola
None of the above
At a point below the middle of a straight line demand curve, elasticity of demand is:
Less than one
Equal to one
More than one
Equal to infinity
The situation in between the extremes of the govt. controlled, planned economy and the perfectly free, unplanned economy is known as:
Developed economy
Laissez-fair economy
Mixed economy
Capitalistic economy
The monopolist who is producing the same output from two (or more than two) plants is concerned with:
Single-plant monopolist
Multi-plant monopolist
Two-plant monopolist
Some-plant monopolist
The standard form of demand function is:
Q = a- bP
Y = a- bP
Q = a+ bP
In monopolistic competition, the firms face:
Horizontal demand curve
Vertical demand curve
Similar demand curve
Differential demand curve
The basic and essential economic problems in a community are related to choice and:
Freedom
Scarcity
Social class
Politics
Law of Returns to Scale shows:
Technical relationship between input of a variable factor and the resulting output
Any economic relationship between input and output
An output maximizing relationship
A relationship with input changing and corresponding changes in output
One common definition of a luxury good is a good with income elasticity:
Greater than one
Equal to one
Less than one but more than zero
None of the above
According to M.Kalecki, the true measure of the degree of monopoly power is the:
Ratio between price and marginal cost
Extent of monopolistic profit enjoyed by him
Cross-elasticity of demand for the product of the monopolist
Price charged by the monopolist minus marginal cost of production
Karl Marx:
Led the Russian Revolution
Provided the theoretical basis for socialism(communism)
Developed his theory in response to the Great Depression of the 1930s
None of the above
Which of the following does not have a uniform elasticity of demand at all points?
A vertical demand curve
A horizontal demand curve
A rectangular hyperbola demand curve
A downward sloping demand curve
The concept of period refers to:
A specific duration of time
A varying duration of time
A duration of time which permits necessary adjustments
A period with calculated intervals
In short run, a firm would remain in business as long as which one of the following of cost is covered?
Total costs
Fixed costs
Variable costs
Constant costs
The central problem of economics is:
Declining productivity
Increasing consumption
Limited material wants
Limited resources and unlimited wants
In income effect, we:
Move to another indifference curve
Move along given indifference curve
Move to lower indifference curve
Move to upper indifference curve