Micro Economics MCQ (GK Set-1) with Answers

doubles

more than doubles

less than doubles

cannot be determined because the price of the good may rise or fall

total revenue divided by the quantity sold

equal to the quantity of the good sold

average revenue divided by the quantity sold

equal to the price of the good sold

price equals average variable cost.

marginal revenue equals average revenue

marginal cost equals total revenue.

marginal cost equals marginal revenue

variable costs of staying open are less than the total revenue due to staying open

total costs of staying open are less than the total revenue due to staying open

variable costs of staying open are greater than the total revenue due to staying open

total costs of staying open are greater than the total revenue due to staying open.

the minimum of their average-total-cost curves

all of these answers are correct.

their efficient scale.

zero economic profit.