AP (Advanced Placement) Microeconomics: Questions 288 - 292 of 456

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Question 288

Question MCQ▾

The cost incurred by the firm in hiring labour is called as

Choices

Choice (5)Response

a.

Implicit cost

b.

Explicit cost

c.

Marginal cost

d.

Total cost

e.

None of the above

Edit

Question 289

Question MCQ▾

Demand for foodstuff is income inelastic. This is explained by

Choices

Choice (5)Response

a.

Gossen՚s Law

b.

Geffen՚s paradox

c.

Ricardo՚s Law

d.

Engel՚s Law

e.

Question does not provide sufficient data or is vague

Edit

Question 290

Question MCQ▾

The condition of Pareto optimality holds correct under

Choices

Choice (5)Response

a.

Monopoly

b.

Oligopoly

c.

Monopolistic competition

d.

Perfect competition

e.

Question does not provide sufficient data or is vague

Edit

Question 291

Question MCQ▾

Even as fixed average cost countries to fall the average variable cost begins to rise because

Choices

Choice (5)Response

a.

Returns to factors start diminishing

b.

Input prices start rising

c.

Producer budget starts shrinking.

d.

Returns to factors start rising

e.

All of the above

Edit

Question 292

Question MCQ▾

Bandwagon Effect ′ is found in which of the following?

Choices

Choice (5)Response

a.

Relative income hypothesis

b.

Absolute income hypothesis

c.

Permanent income hypothesis

d.

Life cycle hypothesis

e.

None of the above

Edit