Cost of Production and Concepts of Revenue
Gujarat Board · Class 11 · Economics
Practice quiz for Cost of Production and Concepts of Revenue — Gujarat Board Class 11 Economics. MCQs and questions with answers to test your preparation.
Interactive on Super Tutor
Studying Cost of Production and Concepts of Revenue? Get the full interactive chapter.
Quizzes, flashcards, AI doubt-solver and a step-by-step study plan — built for practice quiz and more.
1,000+ Class 11 students started this chapter today
Quick Quiz: Cost of Production and Concepts of Revenue
0/4Tap an answer to check it instantly. No sign-up needed for these 4.
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?
Show answer
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:
Show answer
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:
Show answer
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.
Show answer
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.
+39 more questions available
Practice AllFrequently Asked Questions
What are the important topics in Cost of Production and Concepts of Revenue for Gujarat Board Class 11 Economics?
How to score full marks in Cost of Production and Concepts of Revenue — Gujarat Board Class 11 Economics?
Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
More resources for Cost of Production and Concepts of Revenue
Important Questions
Practice with board exam-style questions
Revision Notes
Key points for last-minute revision
Formula Sheet
All formulas in one place
Chapter Summary
Understand the chapter at a glance
Concept Maps
See how topics connect visually
Study Plan
Step-by-step plan to ace this chapter
Flashcards
Quick-fire cards for active recall
Syllabus
What topics to cover
NCERT Solutions
Every textbook question solved step by step
For serious students
Get the full Cost of Production and Concepts of Revenue chapter — for free.
Quizzes, flashcards, AI doubt-solver and a step-by-step study plan for Gujarat Board Class 11 Economics.