Production & Cost-Production Functions [AP (Advanced Placement) Microeconomics]: Questions 1 - 3 of 69

Access detailed explanations (illustrated with images and videos) to 398 questions. Access all new questions- tracking exam pattern and syllabus. View the complete topic-wise distribution of questions. Unlimited Access, Unlimited Time, on Unlimited Devices!

View Sample Explanation or View Features.

Rs. 250.00 -OR-

How to register? Already Subscribed?

Question 1

Production Functions

Appeared in Year: 2013 (NET)

Question

MCQ▾

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

Choices

Choice (5)Response

a.

Marginal Cost

b.

Implicit Cost

c.

Total Cost

d.

Explicit Cost

e.

Question does not provide sufficient data or is vague

Question 2

Production Functions

Appeared in Year: 2017 (NET)

Question

MCQ▾

Consider the following statements regarding the expansion path of the firm:

I - It shows the least cost combination of producing different levels of output

II- The input prices remain constant

Of the above which statement is/are true?

Answer from the codes given below:

Choices

Choice (5)Response

a.

Only II is true

b.

Only I is true

c.

I and II are true

d.

Neither I nor II is true

e.

Question does not provide sufficient data or is vague

Question 3

Production Functions

Appeared in Year: 2013 (NET)

Question

Assertion-Reason▾

Assertion(Ꭺ)

The long run cost curve is L shaped rather than U shaped. (Dec)

Reason(Ꭱ)

The new technique of production of large plants reduces the total cost per unit of output in the long run.

Choices

Choice (5)Response

a.

Both Ꭺ and Ꭱ are true and Ꭱ is the correct explanation of Ꭺ

b.

Both Ꭺ and Ꭱ are true but Ꭱ is NOT the correct explanation of Ꭺ

c.

Ꭺ is true but Ꭱ is false

d.

Ꭺ is false but Ꭱ is true

e.

Both Ꭺ and Ꭱ are false

Developed by: