Supply, Cost And Revenue Analysis — Practice Quiz
Telangana Open School (TOSS) · Class 12 · Economics
Try a 4-question quiz on Supply, Cost And Revenue Analysis for Telangana Open School (TOSS) Class 12 Economics: tap an answer to check it and see why.
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Quick Quiz: Supply, Cost And Revenue Analysis
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What does the term 'supply' refer to in economics?
Which of the following best defines 'stock'?
What is the primary factor that influences supply?
According to the law of supply, what happens when the price of a good increases?
Sample Questions
Which of the following is a fixed cost?
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Rent of factory building
Fixed costs do not change with the level of output. Rent remains the same regardless of how much is produced in the short run.
Which cost changes with the level of output?
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Variable cost
Variable costs change directly with the level of output. For example, more raw materials are needed as production increases.
What is total cost equal to?
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Fixed cost plus variable cost
Total cost (TC) is the sum of total fixed cost (TFC) and total variable cost (TVC). This is expressed as TC = TFC + TVC.
Which of the following is an example of explicit cost?
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Wages paid to hired workers
Explicit costs are actual money payments made to outsiders for factors of production, such as wages, rent, and raw materials.
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