MCQ
Total product is _____
- A$\mathrm{TP}=\sum \mathrm{AP}$
- B$\mathrm{TP}=\Delta \mathrm{N}$
- ✓$\mathrm{TP}=\Sigma \mathrm{MP}$
- D$\mathrm{TP}=\frac{T P}{N}$
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| a) | Monopsony | Single seller | |
| b) | Oligopoly | Group behaviour | |
| c) | Perfect competition | Transport cost | |
| d) | Monopolistic competition | Price discrimination | |
| A) | Social cost | 1) | Retrospective cost |
| B) | Sunk cost | 2) | External cost |
| C) | Fixed cost | 3) | Alternative cost |
| D) | Opportunity cost | 4) | Overhead cost |
| a) | Gross profit | 1) | Total revenue - Total cost | |
| b) | Net profi | 2) | Gross profit - Implicit cost | |
| c) | Normal profit | 3) | Minimum expected return | |
| d) | Super normal profit | 4) | Actual profit - Normal profit | |
| a) | Laws of returns to scale | Short run | |
| b) | Laws of variable proportion | Long run | |
| c) | Mp | $\frac{\Delta AP }{\Delta N }$ | |
| d) | Q | f(N. L, K, T) |