A graph indicating different combination of inputs with different level of output is called
1.Iso-cost map
2.BEP map
3.Input-output map
4.Iso-quant map
Production may be defined as an act of:
1.Creating utility
2.Earning profit
3.Destroying utility
4.Providing services
Related to production function, MRTS stand for;
1.Marginal revenue and total sales
2.Minimum revenue from total sales
3.Marginal rate of total supply
4.Marginal rate of technical substitution
The "law of variable proportion" is first explained by
1.Edward west
2.Marshall
3.Veblen
4.Keynes
The product under monopolistic competition are
1.differentiated with close substitute
2.perfect substitute
3.differentiated without close substitute
4.homogeneous
When all the productive services are increased in a given proportion, the product is increased in the same proportion. This situation is called:
1.Law of increasing
2.Situation of constant returns
3.Fixed cost
4.Variable cost
Whenever marginal cost is more than ______________ average total cost is falling:
1.Average total revenue
2.Average total cost
3.Average profit
4.All of these
Which are not the features of oligopoly?
1.Few sellers
2.Advertising and sales promotion
3.One firm
4.Conflicting attitudes of firms
Which of the following is a short run law?
1.Law of constant return to scale
2.Law of increasing return to scale
3.Law of diminishing return
4.None of these
_____ is situation with increased investment and increased price
1.Recession
2.Progress
3.Boom
4.Recovery