MCQs Micro Eco in English, Firm's Products, Costs & Revenues

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Micro Economics    

Firm’s Products, Costs & Revenues

All the factors of production become variables in:

Short run period	Long run period
Daily time	Monthly time

Marginal cost is the cost of each

New unit	Extra unit
Both	none

Transportation expenses are the type of expenses

Fixed expenses	Variable expenses
Short run expenses	Long run expenses

These costs are to be bear in all the circumstances

Fixed cost	Variable costs
Both	none

Which of the following is included in fixed cost?

Raw material	Wages
Rent	all

Which of the following is included in variable cost?

Raw material	Wages
electricity	all

A form can change this in the long run

Factors of production	Raw material
Both	none

A form can change this in the short run

Factors of production	Raw material
Both	none

AFC is average of

Variable cost	Marginal cost
Total cost	Fixed cost

AVC is average of

Variable cost	Marginal cost
Total cost	Fixed cost

ATC is average of

Variable cost	Marginal cost
Total cost	Fixed cost

ATC is also known as

AC	VC
FC	TC

Fixed cost curve is always

Vertical	Horizontal
Both	none

TC means

FC+VC	FC-VC
FC+MC	FC-MC

Firm and industry is/are the

Same term	Separate term
Both	none

An industry is the collective name of:

Alike firms	All firms
Many firm	Different firms

The basic motive of a firm is to earn:

Reputation	Profit
Revenues	interest

To maximize profit, a firm tries to reduce:

costs	revenues
wages	all

TC is always greater than

FC	VC
Both	none

The curve of ATC is always higher than

AFC	AVC
both	none

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