Classical

Managerial Economics - Managerial Economics Multiple Choice Questions

76:  

The expansion path of production theory is analogous in consumption theory to the

A.

Engel curve

B.

Price consumption line

C.

Income consumption line

D.

Budget constraint line

 
 

Option: C

Explanation :


77:  

"Steps downwards at first and then upwards". It is the movement of

A.

TFC curve

B.

AVC curve

C.

TVC curve

D.

TC curve

 
 

Option: C

Explanation :


78:  

The vertical distance between TVC and TC is equal to

A.

AVC

B.

MC

C.

TFC

D.

None of these

 
 

Option: C

Explanation :


79:  

The Law of Diminishing Returns is applied to all fields of production was stated by

A.

A. C. Pigou

B.

Walras

C.

Alfred Marshall

D.

David Ricardo

 
 

Option: C

Explanation :


80:  

Marginal product is

A.

What is left to the entrepreneur after he has paid all his expenses

B.

The extra output obtained from employing an additional unit of a factor

C.

What is produced when all factors of production are employed at optimum efficiency

D.

Annual output of the most efficient firm in the industry

 
 

Option: B

Explanation :




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