Question:

Sum of explicit cost and implicit cost gives:

A.

total cost

B.

average cost

C.

marginal cost

D.

none of these

Answer» a. total cost

Question:

For a unitary elastic supply curve, ps is

A.

less than 1

B.

more than 1

C.

equal to 1

D.

zero

Answer» c. equal to 1

Question:

The relationship between supply and price is

A.

negative

B.

perfect

C.

positive

D.

none

Answer» c. positive

Question:

Slope of Total product Curve is called

A.

mp

B.

ap

C.

tc

D.

mc

Answer» a. mp

Question:

The relationship between demand and price is

A.

positive

B.

negative

C.

perfect

D.

none

Answer» b. negative