Multiple Choice
In economic theory the costs of a firm
A) tend to be less than the everyday use of the term costs would suggest
B) includes implicit as well as explicit outlays
C) always decline as more output is produced
D) are usually defined in such a way that profits will be larger than the
Correct Answer:
Verified
Correct Answer:
Verified
Q3: Costs incurred only when production occurs are
Q4: Utility is the concept which is:<br>A)Objective<br>B)Subjective<br>C)Both<br>D)None
Q5: Change in utility resulting from one unit
Q6: The total product curve may initially show
Q7: If labour is the only variable resource
Q9: Which of the following is irrelevant for
Q10: Diminishing marginal returns are most compatible with:<br>A)economies
Q11: Saturation point is the point where:<br>A)TU =
Q12: According to the principle of diminishing marginal
Q13: The short run as the term is