MCQ
Per unit production of the variable factor is called:
- Atotal product
- ✓average product
- Cmarginal product
- Dnone of these
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| Column I | Column II |
| A. Producer's equilibrium | (i)TR-TVC |
| B. Gross profit | (ii) A part of total cost |
| C. Economic profits | (iii) TR-Explicit costs - Implicit costs |
| D. Normal profits | (iv) Profit maximisation |