Determination of Income and Employment — Economics STD 12 Humanities & Commerce — Question

Which among the following cost do not change when the output changes in the short run?

1. Average variable cost.
2. Total variable cost.
3. Average fixed cost.
4. Total fixed cost.

The firm and the industry are one and the same in _________.

1. perfect competition.
2. monopolistic competition.
3. duopoly.
4. monopoly.

The following table show the production of cricket bats and sarees of an imaginary economy:

Production of Cricket Bats (thousand)	0	1	2	3	4	5
Production of Sarees (in lakh)	75	70	62	50	30	0

If the production of cricket bats is increased from 3 thousand to 4 thousand, how much production of sarees will he to be sacrificed by the economy?

1. Zero.
2. 8 lakh sarees.
3. 30 lakh sarees.
4. 20 lakh sarees.

The final burden of _______ cannot be shifted to others.

1. direct tax
2. indirect tax
3. Both (a) and (b)
4. Neither (a) nor (b)

Marginal revenue of a firm is constant throughout under:

1. Perfect competition.
2. Monopolistic co.
3. Oligopoly.
4. All the above.

The form of the market having only 2 sellers is called:

1. monopoly.
2. duopoly.
3. oligopoly.
4. monopolistic competition.

Attainable combinations of X and Y are drawn on the assumption that Px and Py are:

1. Constant.
2. Variable.
3. Change in the same ratio.
4. Equal to each other.

An economy in which all economic activities are organised through the market is called:

1. Mixed economy.
2. Market economy.
3. Centrally planned economy.
4. None of these

Average revenue and price are always equal under:

1. Perfect competition only.
2. Monopolistic competition only.
3. Monopoly only.
4. All market forms.

In perfect competition, as the firm is a price taker, the ________ curve is a horizontal straight line.

1. marginal cost.
2. total cost.
3. total revenue.
4. marginal revenue.