Cost refers to _____.

(a)

Price 

(b)

value

(c)

fixed cost

(d)

cost of production

Money cost is also known as _____ cost.

(a)

explicit

(b)

implicit

(c)

social

(d)

real

Wage is an example for _____ cost of the production.

(a)

fixed

(b)

variable

(c)

marginal

(d)

opportunity

Identify the formula of estimating average cost.

(a)

AVC/Q

(b)

TC/Q

(c)

TVC/Q

(d)

AFC/Q

Long-run average cost curve is also called as _____ curve.

(a)

demand

(b)

planning

(c)

production

(d)

sales

Profit = ____.

(a)

Total Revenue - Total Cost

(b)

Total Revenue + Total Cost

(c)

Total Revenue x Total Cost

(d)

Total Revenue / Total Cost

Find total cost where TFC = 200 and TVC = 150

(a)

300

(b)

350

(c)

200

(d)

150

The functional relationship between cost and output is expressed as _____.

(a)

Production function

(b)

Consumption function

(c)

Cost function

(d)

Distribution function

Production cost expressed in money terms is called _____.

(a)

Real Cost

(b)

Money Cost

(c)

Sunk Cost

(d)

Opportunity Cost

Marginal Cost is = _____

(a)

TC_n-TC_n-1

(b)

TC_n+TC_n-1

(c)

TC_nxTC_n-1

(d)

TC_n /TC_n-1