Cost of Production and Concepts of Revenue — Practice Quiz
Gujarat Board · Class 11 · Economics
Try a 4-question quiz on Cost of Production and Concepts of Revenue for Gujarat Board Class 11 Economics: tap an answer to check it and see why.
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Quick Quiz: Cost of Production and Concepts of Revenue
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What is the shape of the Average Cost curve in the short run?
Which type of cost cannot be easily measured in monetary terms?
When production is zero, which cost remains positive?
The formula for Marginal Cost is:
Sample Questions
Which of the following are examples of variable costs?
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Raw materials, Labor wages, Electricity for production
Variable costs change with production levels. Raw materials, labor wages, and electricity increase with more production, while rent and insurance remain fixed.
In perfect competition, Price equals:
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Average Revenue, Marginal Revenue
In perfect competition, firms are price takers, so Price = Average Revenue = Marginal Revenue. The firm sells all units at the same market price.
Average Fixed Cost decreases as production increases because:
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Fixed costs are spread over more units
Since fixed costs remain constant, when production increases, the same fixed cost is divided among more units, making AFC decrease.
True or False: In the long run, all costs become variable.
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True
In the long run, firms can adjust all factors of production including plant size, machinery, and building. Therefore, the distinction between fixed and variable costs disappears.
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