If marginal cost is greater than marginal revenue it implies that profit is being ————–:
A) Minimized B) Maximized C) Normal D) All of …
In perfect competition, government intervention is ————-:
A) Compulsory B) Free C) Prohibited D) Partial
What is the goal firm in perfect competition?
A) Profit maximization B) Output maximization C) Cost maximization D) All of these
In perfect competition there is a large number of:
A) Buyers B) Consumers C) Sellers D) A & C
Perfect competition is defined as the ———– of rivalry?
A) Absence B) Presence C) Existence D) None of these
Long run cost is also known as ————- cost:
A) Ex-ante cost B) Average cost C) Planning cost D) A …
Mathematically marginal cost is equal to change in ———– divided by change in output:
A) Total fixed cost B) Average cost C) Total cost D) …
Graphically, marginal cost curve is slope of ———– curve:
A) Total fixed cast B) Total cost C) Average total cast …
Average total cast and average variable cast curve are ————– shaped:
A) V B) U C) Inverse U D) None of these
Modern cost theory introduces the concept of ———— capacity:
A) Constant B) Reserve C) Excess D) None of these