1.
The short run Average Cost curve is ............shaped
A
U
B
L
C
Any of the above
D
V
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The short run Average Cost curve is ............shaped
U
L
Any of the above
V
The demand curve has a ............. slope
Zero c
Negative
Positive
Undefined
Under perfect competition, price is determined by the interaction of total demand and ..........
Total cost
Total utility
Total production
Total supply
The cost recorded in the books of accounts are considered as
Marginal cost
Average cost
Explicit cost
Total cost
A Joint Stock Company is managed by the Board of Directors elected by
Shareholders
Employees of company
None of the above
Top management
When a firms average revenue is equal to its average cost, it gets
Normal profit
Sub normal profit
None of the above
Super profit
The out of pocket costs are
Marginal costs
Explicit costs
Social costs
Sunk costs
Goods produced on small scale have
Highly elastic supply
Perfectly elastic supply
None of the above
Relatively inelastic supply
Demand is determined by
Relative prices of other goods
Tastes and habits
All of the above
Price of the product
Oligopoly is a type of ..............market. A ................exists in the industry
Imperfect, few firms
Perfect, many firms
Imperfect, many firms
Perfect, few firms
Under .........., price is determined by the interaction of total demand and total supply in the market
Monopoly
Imperfect competition
All of the above
Perfect competition
Managerial economics generally refers to the integration of economic theory with business
Management
Practice
All of the above
Ethics
Distinction between private sector and public sector is determined on the basis of
Motive
Principle of pricing
All of the above
Economic system
Given the price, if the cost of production increases because of higher price of raw materials, the supply ...........
Increases
Remains same
Any of the above
Decreases
The management of the ...............form of business organization is totalitarian in nature.
Partnership
Individual proprietorship
All of the above
Cooperative