Cost and Revenue Class 11

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Practice MCQs

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Whenever MP falls and is positive, TP changes at what rate? *

1 point

(a) TP rises at increasing rate

(b) TP rises at diminishing rate

(d) None of the above

At any given point of output, the difference between total cost and total fixed cost is: *

1 point

(a) Equal to marginal cost

(b) Equal to average variable cost

(d) Total variable cost

According to the law of returns to a factor, third stage of production begins when: *

1 point

(a) TP starts falling

(b) MP starts falling

(d) MP becomes equal to AP

When the total fixed cost of producing 100 units is 30 and the average variable cost is 3, total cost is: *

1 point

(a) 3

(b) 30

(d) 330

Which of the following formulae is correct for calculating Marginal Cost? *

1 point

(a) MCn = TFCn - TFCn-1

(b) MCn = ACn - ACn-1

(d) MCn = TCn - TCn-1

Which among the following costs do not change when the output changes in the short run? *

1 point

(a) Average variable cost

(b) Total variable cost

(d) Total fixed cost

In the short run, when a firm produces zero output, its total cost is equal to: *

1 point

(a) Zero

(b) Variable cost

(d) Marginal cost

Which of the following is a variable cost? *

1 point

(a) Salary of permanent staff

(b) License fees

(d) Wages

The formula to calculate Marginal Product from Total Product is:

1 point

(a) MPn = TPn+1 + TPn

(b) MPn = TPn - TPn-1

(d) MP = TP / units of variable factor

The expenditure incurred on the factors of production supplied by the entrepreneur himself comes under:

1 point

(a) Implicit cost

(b) Explicit cost

(d) Variable cost

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