Question 11 MarkWhen marginal product is zero then total product is __________ .AnswerMaximumView full question & answer→
Question 21 MarkWhen total product increases at ________, marginal product decreases but remains positive. AnswerWhen total product increases at diminishing rate, marginal product decreases but remains positive. View full question & answer→
Question 31 MarkTP increases at ______ then, MP decreases.AnswerTP increases at diminishing rate then, MP decreases.View full question & answer→
Question 41 MarkTotal variable cost is zero when output is _______.AnswerTotal variable cost is zero when output is Zero.View full question & answer→
Question 51 MarkThe sum of Fixed Cost and _______ is Total Cost. AnswerThe sum of Fixed Cost and Variable cost is Total Cost. View full question & answer→
Question 61 Mark________ shows the functional relation between physical inputs and physical output of a good. AnswerProduction Function shows the functional relation between physical inputs and physical output of a good. View full question & answer→
Question 71 MarkRent, wages of permanent staff are the examples of _______.AnswerRent, wages of permanent staff are the examples of total fixed cost.View full question & answer→
Question 81 Mark_________ refers to change in total cost due to additional unit of a commodity is produced.AnswerMarginal costs refers to change in total cost due to additional unit of a commodity is produced.View full question & answer→
Question 91 Mark_________ is the actual money expenditure on input. AnswerExplicit cost is the actual money expenditure on input. View full question & answer→
Question 101 Mark_______ is per unit fixed cost of production of a commodity.AnswerAverage fixed cost is per unit fixed cost of production of a commodity.View full question & answer→
Question 111 MarkAs output increases, AC and AVC tends to be closer but the difference between AC and AVC can never be ________.AnswerAs output increases, AC and AVC tends to be closer but the difference between AC and AVC can never be zero.View full question & answer→