Wage is an example for _____ cost of the production.

(a)

fixed

(b)

variable

(c)

marginal

(d)

opportunity

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

(a)

average

(b)

marginal

(c)

variable

(d)

total

Identify the formula of estimating average cost.

(a)

AVC/Q

(b)

TC/Q

(c)

TVC/Q

(d)

AFC/Q

Find total cost where TFC = 100 and TVC = 125.

(a)

125

(b)

175

(c)

225

(d)

325

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

(a)

demand

(b)

planning

(c)

production

(d)

sales

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

(a)

profit

(b)

total revenue

(c)

average

(d)

marginal

Revenue received from the sale of additional unit is termed as _____ revenue.

(a)

profit

(b)

average

(c)

marginal

(d)

total

Marginal revenue is the addition made to the

(a)

total sales

(b)

total revenue

(c)

total production

(d)

total cost

When price remains constant, AR will be _____ MR.

(a)

equal to

(b)

greater than

(c)

less than

(d)

not related to

A book seller sold 40 books with the price of Rs.10 each. The total revenue of the seller is Rs._____

(a)

100

(b)

200

(c)

300

(d)

400