Cost functions are also known as _____ function.

(a)

production

(b)

investment

(c)

demand

(d)

consumption

The cost that varies with the level of output is termed as _____ cost.

(a)

money

(b)

variable cost

(c)

total cost

(d)

fixed cost

The cost per unit of output is denoted by _____ cost.

(a)

average

(b)

marginal

(c)

variable

(d)

total

Revenue received from the sale of products is known as _____ revenue.

(a)

profit

(b)

total revenue

(c)

average

(d)

marginal

Find total fixed cost where TC = 500 and TVC= 100.

(a)

100

(b)

200

(c)

300

(d)

400

Find Total Variable Cost where TC = 200 and TFC = 50.

(a)

50

(b)

150

(c)

200

(d)

250

A cost function may be written as ____.

(a)

C=f(Q)

(b)

Y=S

(c)

C=f(Y)

(d)

TC/Q

____ is also called as 'Retrospective Cost'.

(a)

Floating

(b)

Sunk Cost

(c)

Economic Cost

(d)

Money Cost

MC curve is a ____ shaped curve.

(a)

V

(b)

L

(c)

A

(d)

U

Under perfect competition. The demand curve is

(a)

Upward sloping

(b)

Horizontal

(c)

Downward sloping

(d)

Vertical