Question 251 : Private cost is included in ______.
- All of the above
- Price
Question 252 : ______ is the total cost per unit of output.
- fixed cost
- Total cost
- All of the above
- Average cost
Question 253 : Marginal cost is an ______ cost.
- Total cost
- fixed cost
- All of the above
- Additional
Question 254 : ______ is the summation of TFC and TVC.
- Average cost
- fixed cost
- All of the above
- Total cost
Question 255 : A short-run average cost curve is known as ______.
- All of the above
- Plant curve
Question 256 : In long-run all costs are ______.
- variable
- fixed
- Average
- None of these
Question 257 : The MC curve intersects AC curve at its ______ point from below.
- minimum
- Maximum
- None of these
Question 258 : ______ economies causes LAC curve to fall.
- Internal
- external
- None of these
Question 259 : Net ______ causes LAC curve to rise.
- Diseconomies
- economies
- None of these
Question 260 : ______ economies causing downward shift of the LAC curve.
- External
- Internal
- None of these
Question 261 : ______ economies reflect in reducing the overall cost function of the firm.
- External
- Intaernal
- All of the above
Question 262 : ______ is attributed to the diseconomies of scale after a certain point of further expansion.
- Increasing LAC
- decreasing LAC
- All of the above
Question 263 : Economies and diseconomies of large scale play a significant role in determining the shape of the ______.
- K. J. Arrow
- LAC curve
- None of these
Question 264 : Learning curve was developed by ______.
- LAC curve
- K. J. Arrow
- None of these
Question 265 : The ______ is measured by the shift in the LAC with respect to cumulative output change.
- Learning effect
- None of these
Question 266 : Fixed costs refer to Labour costs.
- true
- false
Question 267 : At zero level of output, total cost of a firm is equal to fixed costs.
- true
- false
Question 268 : Economic cost is equal to explicit cost minus implicit cost.
- true
- false
Question 269 : Sunk cost are those cost which can be recovered.
- true
- false
Question 270 : Incremental cost is called as avoidable cost.
- true
- false
Question 271 : Social cost is included in price.
- true
- false
Question 272 : Money cost is the payment made for the factors in terms of money.
- true
- false
Question 273 : Variable cost remain fixed at any level of output in the short run.
- true
- false
Question 274 : When MC is more than AC, if exerts a downward pull on the AC curve.
- true
- false
Question 275 : The LAC curve is referred as the envelope curve.
- true
- false
Question 276 : The LAC curve is less U-shaped.
- true
- false
Question 277 : Marginal cost is a U-shape curve
- true
- false
Question 278 : AFC never becomes zero.
- true
- false
Question 279 : AVC curve is a U shape curve.
- true
- false
Question 280 : When MC and AC are falling, MC curve lies above the AC curve.
- true
- false
Question 281 : Fixed cost are overhead cost.
- true
- false
Question 282 : Implicit cost are also called as indirect cost.
- true
- false
Question 283 : Sunk cost is called as avoidable cost.
- true
- false
Question 284 : Explicit costs are called as the accounting costs.
- true
- false
Question 285 : Total cost is summation of AVC and AFC.
- true
- false
Question 286 : TFC is parallel to X-axis.
- true
- false
Question 287 : Long-run is a period in which all the inputs become fixed.
- true
- false
Question 288 : LAC curve is regarded as the long-run planning device
- true
- false
Question 289 : Fixed cost include cost of raw materials.
- true
- false
Question 290 : LAC curve is called a planning curve.
- true
- false
Question 291 : In a short run period, all costs are variable.
- true
- false
Question 292 : TVC is inverse S shaped curve
- true
- false
Question 293 : Internal economies causes LAC curve to rise
- true
- false
Question 294 : Net diseconomies causes LAC to rise.
- true
- false
Question 295 : External diseconomies lead LAC curve to shift upwards.
- true
- false
Question 296 : Learning curve indicate increase in cost of production to the decrease in output.
- true
- false
Question 297 : The increase in cost due to increase in efficiency is called learning curve effect.
- true
- false
Question 298 : Learning curve indicate increase in cost of production to the decrease in output.
- true
- false
Question 299 : The fundamental difference between economic cost and accounting cost is :
- Conditional
- Pyschological
- Academic
- Implicity and Explicity
Question 300 : Fixed costs refer to :
- Contractual payments
- Labour costs
- Out of pocket expenses
- Business payments