Equilibrium output is deter-mined by: (1) the equality between total Variable cost and Marginal revenue. (2) the equality between Marginal cost and Marginal revenue. (3) the equality between Average cost and Average revenue. (4) the equality between total cost and total revenue.

Equilibrium output is deter-mined by: (1) the equality between total Variable cost and Marginal revenue. (2) the equality between Marginal cost and Marginal revenue. (3) the equality between Average cost and Average revenue. (4) the equality between total cost and total revenue.
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(2) the equality between Marginal cost and Marginal revenue. Explanation: Equilibrium Output refers to the level of output where the Aggregate Demand is equal to the Aggregate Supply (AD = AS) in an economy. It signifies that whatever the producers intend to produce during the year is exactly equal to what the buyers intend to buy during the year. According to MR-MC approach, equilibrium refers to stage of that output level at which Marginal Cost (MC) = Marginal Revenue (MR). As long as MC is less than MR, it is profitable for the producer to go on producing more because it adds to its profits. He stops producing more only when MC becomes equal to MR.
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Equilibrium output is determined by: (1) the equality between total Variable cost and Marginal revenue. (2) the equality betweem Marginal cost and Marginal revenue. (3) the equality between Average cost and Average revenue. (4) the equality between total cost and total revenue.

Description : Equilibrium output is determined by: (1) the equality between total Variable cost and Marginal revenue. (2) the equality betweem Marginal cost and Marginal revenue. (3) the equality between Average cost and Average revenue. (4) the equality between total cost and total revenue.

Last Answer : the equality betweem Marginal cost and Marginal revenue.

Equilibrium price in the market is determined by the - (1) equality between marginal cost and average cost. (2) equality between total cost and total revenue. (3) equality between average cost and average revenue. (4) equality between marginal cost and marginal revenue.

Description : Equilibrium price in the market is determined by the - (1) equality between marginal cost and average cost. (2) equality between total cost and total revenue. (3) equality between average cost and average revenue. (4) equality between marginal cost and marginal revenue.

Last Answer : (4) equality between marginal cost and marginal revenue. Explanation: The equilibrium price is the market price where the quantity of goods supplied is equal to the quantity of goods demanded. This is the ... in equilibrium at the point of equality of marginal cost and marginal revenue. (MC = MR).

Equilibrium price in the market is determined by the (1) equality between marginal cost and average cost. (2) equality between total cost and total revenue. (3) equality between average cost and average revenue. (4) equality between marginal cost and marginal revenue.

Description : Equilibrium price in the market is determined by the (1) equality between marginal cost and average cost. (2) equality between total cost and total revenue. (3) equality between average cost and average revenue. (4) equality between marginal cost and marginal revenue.

Last Answer : equality between marginal cost and marginal revenue.

A firm is in equilibrium when its (1) marginal cost equals the marginal revenue (2) total cost is minimum (3) total revenue is maximum (4) average revenue and marginal revenue are equal

Description : A firm is in equilibrium when its (1) marginal cost equals the marginal revenue (2) total cost is minimum (3) total revenue is maximum (4) average revenue and marginal revenue are equal

Last Answer : (1) marginal cost equals the marginal revenue Explanation: A consumer is in a state of equilibrium when he achieves maximum aggregate satisfaction on the expenditure that he makes depending on the ... its production. In short run Marginal revenue = Marginal Cost is the condition of equilibrium.

A firm is in equilibrium when its (1) marginal cost equals the marginal revenue (2) total cost is minimum (3) total revenue is maximum (4) average revenue and marginal revenue are equal

Description : A firm is in equilibrium when its (1) marginal cost equals the marginal revenue (2) total cost is minimum (3) total revenue is maximum (4) average revenue and marginal revenue are equal 

Last Answer : marginal cost equals the marginal revenue

The equilibrium of a firm under perfect competition will be determined when - (1) Marginal Revenue > Average Cost (2) Marginal Revenue > Average Revenue (3) Marginal Revenue = Marginal Cost (4) Marginal Cost > Average Cost

Description : The equilibrium of a firm under perfect competition will be determined when - (1) Marginal Revenue > Average Cost (2) Marginal Revenue > Average Revenue (3) Marginal Revenue = Marginal Cost (4) Marginal Cost > Average Cost

Last Answer : (3) Marginal Revenue = Marginal Cost Explanation: 173. (3) When the marginal revenue productivity of a factor is equal to the marginal- cost (MR=MC) of the factor, the firm will be in ... revenue and marginal revenue (P = AR = MR) is the standard condition for a perfectly competitive firm.

The equilibrium of a firm under perfect competition will be determined when (1) Marginal Revenue > Average Cost (2) Marginal Revenue > Average Revenue (3) Marginal Revenue = Marginal Cost (4) Marginal Cost > Average Cost

Description : The equilibrium of a firm under perfect competition will be determined when (1) Marginal Revenue > Average Cost (2) Marginal Revenue > Average Revenue (3) Marginal Revenue = Marginal Cost (4) Marginal Cost > Average Cost

Last Answer :  Marginal Revenue = Marginal Cost

The addition to total cost by producing an additional unit of output by a firm is called (1) Variable cost (2) Average cost (3) Marginal cost (4) Opportunity cost

Description : The addition to total cost by producing an additional unit of output by a firm is called (1) Variable cost (2) Average cost (3) Marginal cost (4) Opportunity cost

Last Answer : Marginal cost

Under perfect competition, the industry does not have any excess capacity because each firm produces at the minimum point on its - (1) long-run marginal cost curve (2) long-run average cost curve (3) long-run average variable cost curve (4) long-run average revenue curve

Description : Under perfect competition, the industry does not have any excess capacity because each firm produces at the minimum point on its - (1) long-run marginal cost curve (2) long-run average cost curve (3) long-run average variable cost curve (4) long-run average revenue curve

Last Answer : (2) long-run average cost curve Explanation: Under perfect competition, the firms operate at the minimum point of long-run average cost curve. In this way, the actual longrun output of ... ideal output. This gives the mea-sure of excess capacity which lies unutilized under imperfect competition.

Under perfect competition, the industry does not have any excess capacity because each firm produces at the minimum point on its (1) long-run marginal cost curve (2) long-run average cost curve (3) long-run average variable cost curve (4) long-run average revenue curve

Description : Under perfect competition, the industry does not have any excess capacity because each firm produces at the minimum point on its (1) long-run marginal cost curve (2) long-run average cost curve (3) long-run average variable cost curve (4) long-run average revenue curve

Last Answer : long-run average cost curve

A monopolist is able to maximise his profit when (a) his output is maximum (b) he charges higher prices (c) his average cost is minimum (d) his marginal cost is equal to marginal revenue

Description : A monopolist is able to maximise his profit when (a) his output is maximum (b) he charges higher prices (c) his average cost is minimum (d) his marginal cost is equal to marginal revenue

Last Answer : (d) his marginal cost is equal to marginal revenue

The 'break-even' point is where (1) marginal revenue equals marginal cost (2) average revenue equals average cost, (3) total revenue equals total cost (4) None of the above

Description : The 'break-even' point is where (1) marginal revenue equals marginal cost (2) average revenue equals average cost, (3) total revenue equals total cost (4) None of the above

Last Answer : (3) total revenue equals total cost Explanation: Break-even is the point of balance between making either a profit or a loss. In economics & business, specifically cost accounting, the break ... although opportunity costs have been "paid", and capital has received the riskadjusted, expected return.

The 'breali-even point' is where - (1) marginal revenue equals marginal cost (2) average revenue equals average cost (3) total revenue equals total cost (4) None of these

Description : The 'breali-even point' is where - (1) marginal revenue equals marginal cost (2) average revenue equals average cost (3) total revenue equals total cost (4) None of these

Last Answer : (2) average revenue equals average cost Explanation: The break-even point (BEP) is the point at which cost or expenses and revenue are equal: there is no net loss or gain, and one ... been made, although opportunity costs have been "paid", and capital has received the riskadjusted, expected return.

In order to maximize profits, a monopoly company will produce that quantity at which the: a. marginal revenue equals average total cost b. price equals marginal revenue c. marginal revenue equals marginal cost d. total revenue equals total cost

Description : In order to maximize profits, a monopoly company will produce that quantity at which the: a. marginal revenue equals average total cost b. price equals marginal revenue c. marginal revenue equals marginal cost d. total revenue equals total cost

Last Answer : c. marginal revenue equals marginal cost

Difference between average cost and average revenue is (a) total profit (b) net profit © average profit (d) marginal profit

Description : Difference between average cost and average revenue is (a) total profit (b) net profit © average profit (d) marginal profit

Last Answer : © average profit

Under full cost pricing, price is determined (1) by adding a margin to the average cost (2) by comparing marginal cost and marginal revenue (3) by adding normal profit to the marginal cost (4) by the total cost of production

Description : Under full cost pricing, price is determined (1) by adding a margin to the average cost (2) by comparing marginal cost and marginal revenue (3) by adding normal profit to the marginal cost (4) by the total cost of production 

Last Answer :  by adding a margin to the average cost

The ‘break-even’ point is where (1) marginal revenue equals marginal cost (2) average revenue equals average cost (3) total revenue equals total cost (4) None of the above

Description : The ‘break-even’ point is where (1) marginal revenue equals marginal cost (2) average revenue equals average cost (3) total revenue equals total cost (4) None of the above

Last Answer : total revenue equals total cost

The ‘break-even point’ is where (1) marginal revenue equals marginal cost (2) average revenue equals average cost (3) total revenue equals total cost (4) None of these

Description : The ‘break-even point’ is where (1) marginal revenue equals marginal cost (2) average revenue equals average cost (3) total revenue equals total cost (4) None of these

Last Answer : average revenue equals average cost

In equilibrium, a perfectly competitive firm will equate - (1) marginal social cost with marginal social benefit (2) market supply with market demand (3) marginal profit with marginal cost (4) marginal revenue with marginal cost

Description : In equilibrium, a perfectly competitive firm will equate - (1) marginal social cost with marginal social benefit (2) market supply with market demand (3) marginal profit with marginal cost (4) marginal revenue with marginal cost

Last Answer : (4) marginal revenue with marginal cost Explanation: A perfectly competitive firm's supply curve is that portion of its marginal cost curve that lies above the minimum of the average variable cost ... marginal cost curve. The marginal cost curve is thus the perfectly competitive firm's supply curve.

In equilibrium, a perfectly competitive firm will equate (1) marginal social cost with marginal social benefit (2) market supply with market demand (3) marginal profit with marginal cost (4) marginal revenue with marginal cost

Description : In equilibrium, a perfectly competitive firm will equate (1) marginal social cost with marginal social benefit (2) market supply with market demand (3) marginal profit with marginal cost (4) marginal revenue with marginal cost

Last Answer : marginal revenue with marginal cost

The situation in which total revenue is equal to total cost, is known as - (1) monopolistic competition (2) equilibrium level of output (3) break-even point (4) perfect competition

Description : The situation in which total revenue is equal to total cost, is known as - (1) monopolistic competition (2) equilibrium level of output (3) break-even point (4) perfect competition

Last Answer : (3) break-even point Explanation: In economics and cost accounting, the break-even point (BEP) is the point at which cost or expenses and revenue are equal: there is no net loss or ... made, although opportunity costs have been "paid", and capital has received the riskadjusted, expected return.

The situation in which total revenue is equal to total cost, is known as (1) monopolistic competition (2) equilibrium level of output (3) break-even point (4) perfect competition

Description : The situation in which total revenue is equal to total cost, is known as (1) monopolistic competition (2) equilibrium level of output (3) break-even point (4) perfect competition

Last Answer : break-even point

The addition to total cost by producing an additional unit of out-put by a firm is called - (1) Variable cost (2) Average cost (3) Marginal cost (4) Opportunity cost

Description : The addition to total cost by producing an additional unit of out-put by a firm is called - (1) Variable cost (2) Average cost (3) Marginal cost (4) Opportunity cost

Last Answer : (3) Marginal cost Explanation: The addition to total cost by producing an additional unit of output by a firm is called Marginal cost. Average cost is the total cost of producing a given output divided by that output.

Under perfect market conditions a firm is said to be in equilibrium where (a) Total output is equal to total demand ; (b) Profit is the maximum; (c) Where the total revenue is maximum ; (d) Where total average cost is the minimum

Description : Under perfect market conditions a firm is said to be in equilibrium where (a) Total output is equal to total demand ; (b) Profit is the maximum; (c) Where the total revenue is maximum ; (d) Where total average cost is the minimum

Last Answer : (b) Profit is the maximum; 

Under perfect market conditions an Industry is said to be in equilibrium where (a) Total output is equal to total demand ; (b) Profit is maximum (c) Where the total revenue is maximum ; (d) Where total average cost is the minimum

Description : Under perfect market conditions an Industry is said to be in equilibrium where (a) Total output is equal to total demand ; (b) Profit is maximum (c) Where the total revenue is maximum ; (d) Where total average cost is the minimum

Last Answer : (a) Total output is equal to total demand ;

Total profit of a firm in a perfect competitive market is – (a) Total revenue less total cost ; (b) Marginal revenue less marginal cost; (c) Total revenue less marginal cost ; (d) Total revenue less variable cost

Description : Total profit of a firm in a perfect competitive market is – (a) Total revenue less total cost ; (b) Marginal revenue less marginal cost; (c) Total revenue less marginal cost ; (d) Total revenue less variable cost

Last Answer : (a) Total revenue less total cost ;

The law of diminishing (marginal) returns states that as more of a variable factor is added to a certain amount of a fixed factor, beyond some point: a. Total physical product begins to fall b. The marginal physical product rises c. The marginal physical product falls d. The average physical product falls

Description : The law of diminishing (marginal) returns states that as more of a variable factor is added to a certain amount of a fixed factor, beyond some point: a. Total physical product begins ... The marginal physical product rises c. The marginal physical product falls d. The average physical product falls

Last Answer : c. The marginal physical product falls

Chemical property of a substance is deter- mined by?

Description : Chemical property of a substance is deter- mined by?

Last Answer : Electrons

What is the order of a chemical reaction whose rate is deter-mined by the variation of one concentration term only? (A) Zero (B) First (C) Second (D) Third

Description : What is the order of a chemical reaction whose rate is deter-mined by the variation of one concentration term only? (A) Zero (B) First (C) Second (D) Third

Last Answer : (B) First

Which of the following cost curve is never `U' shaped ? (1) Marginal cost curve (2) Average variable cost curve (3) Average fixed cost curve (4) Average cost curve

Description : Which of the following cost curve is never `U' shaped ? (1) Marginal cost curve (2) Average variable cost curve (3) Average fixed cost curve (4) Average cost curve

Last Answer : (3) Average fixed cost curve Explanation: Average fixed cost curve is never 'U' shaped. Since total fixed costs are unchanged as output rises, the average fixed cost curve falls continuously as output is increased.

Why is the law of diminishing marginal returns true? a. specialization and division of labor b. spreading the average fixed cost c. limited capital d. all factors being variable in the long-run

Description : Why is the law of diminishing marginal returns true? a. specialization and division of labor b. spreading the average fixed cost c. limited capital d. all factors being variable in the long-run

Last Answer : c. limited capital

Which of the following cost curve is never ‘U’ shaped ? (1) Marginal cost curve (2) Average variable cost curve (3) Average fixed cost curve (4) Average cost curve

Description : Which of the following cost curve is never ‘U’ shaped ? (1) Marginal cost curve (2) Average variable cost curve (3) Average fixed cost curve (4) Average cost curve

Last Answer : Average fixed cost curve

A competitive firm maximizes its total profit when ……………… (a) Average cost equal average realization ; (b) Marginal cost equals Price; (d) Total revenue is the maximum ; (d) MR = AR

Description : A competitive firm maximizes its total profit when ……………… (a) Average cost equal average realization ; (b) Marginal cost equals Price; (d) Total revenue is the maximum ; (d) MR = AR

Last Answer : (d) Total revenue is the maximum ;

An employer goes on employing more and more of a factor units until : (1) the Average Revenue Productivity becomes equal to Marginal Revenue Productivity. (2) the Marginal Revenue Productivity becomes zero. (3) the Diminishing Marginal Returns sets into operation. (4) the Marginal Revenue Productivity of a factor becomes equal to its reward.

Description : An employer goes on employing more and more of a factor units until : (1) the Average Revenue Productivity becomes equal to Marginal Revenue Productivity. (2) the Marginal Revenue Productivity becomes ... into operation. (4) the Marginal Revenue Productivity of a factor becomes equal to its reward.

Last Answer : (4) the Marginal Revenue Productivity of a factor becomes equal to its reward. Explanation: 'According to the Marginal Productivity Theory, the reward or the price of a factor unit depends upon its ... marginal cost of the factor is greater than MRP, it will reduce employment to reduce its loss.

Under Perfect Competition - (1) Marginal Revenue is less than the Average Revenue (2) Average Revenue is less than the Marginal Revenue (3) Average Revenue is equal to the Marginal Revenue (4) Average Revenue is more than the Marginal Revenue

Description : Under Perfect Competition - (1) Marginal Revenue is less than the Average Revenue (2) Average Revenue is less than the Marginal Revenue (3) Average Revenue is equal to the Marginal Revenue (4) Average Revenue is more than the Marginal Revenue

Last Answer : (3) Average Revenue is equal to the Marginal Revenue Explanation: Perfect competition describes markets such that no participants are large enough to have the market power to set the price of a homogeneous ... , as output will always occur where marginal cost is equal to marginal revenue (MC=MR).

If the average revenue is a horizontal straight line, marginal revenue will be - (1) U shaped (2) Kinked (3) Identical with average revenue (4) L shaped

Description : If the average revenue is a horizontal straight line, marginal revenue will be - (1) U shaped (2) Kinked (3) Identical with average revenue (4) L shaped

Last Answer : (3) Identical with average revenue Explanation: The price of a good is also known as the Average Revenue of the firm. Average Revenue (AR) or Price and Marginal Revenue (MR) are identical. ... demand curve. Hence, the competitive demand curve is a horizontal straight line parallel to the OX axis.

Average Revenue means - (1) the revenue per unit of commodity sold (2) the revenue from all commodities sold (3) the profit realised from the marginal unit sold (4) the profit realised by sale of all commodities

Description : Average Revenue means - (1) the revenue per unit of commodity sold (2) the revenue from all commodities sold (3) the profit realised from the marginal unit sold (4) the profit realised by sale of all commodities

Last Answer : (1) the revenue per unit of commodity sold Explanation: Average revenue is the revenue per unit of the commodity sold. It can be obtained by dividing the TR by the number of units sold. Then, AR = ... of view. Therefore, average revenue curve of the firm is the same as demand curve of the consumer.

In a perfectly competitive market, a firm's - (1) Average Revenue is always equal to Marginal Revenue (2) Marginal Revenue is more than Average Revenue (3) Average Revenue is more than Marginal Revenue (4) Marginal Revenue and Average Revenue are never equal

Description : In a perfectly competitive market, a firm's - (1) Average Revenue is always equal to Marginal Revenue (2) Marginal Revenue is more than Average Revenue (3) Average Revenue is more than Marginal Revenue (4) Marginal Revenue and Average Revenue are never equal

Last Answer : (1) Average Revenue is always equal to Marginal Revenue Explanation: Average revenue is the amount money received by a firm per unit of output sold. Marginal revenue is the change in total revenue ... . In a perfectly competitive market, a firm's Average Revenue is always equal to Marginal Revenue.

The relationship between elasticity of demand (e), Average Revenue (AR) and Marginal Revenue (MR) is shown by which of the following formula ? (a) e = MR / (AR – MR) (b) e = AR/MR (c) e = MR/AR (d) e = AR / (AR – MR)

Description : The relationship between elasticity of demand (e), Average Revenue (AR) and Marginal Revenue (MR) is shown by which of the following formula ? (a) e = MR / (AR – MR) (b) e = AR/MR (c) e = MR/AR (d) e = AR / (AR – MR)

Last Answer : (d) e = AR / (AR – MR)

An employer goes on employing more and more of a factor units until : (1) the Average Revenue Productivity becomes equal to Marginal Revenue Productivity. (2) the Marginal Revenue Productivity becomes zero. (3) the Diminishing Marginal Returns sets into operation. (4) the Marginal Revenue Productivity of a factor becomes equal to its reward.

Description : An employer goes on employing more and more of a factor units until : (1) the Average Revenue Productivity becomes equal to Marginal Revenue Productivity. (2) the Marginal Revenue Productivity becomes ... into operation. (4) the Marginal Revenue Productivity of a factor becomes equal to its reward.

Last Answer : the Marginal Revenue Productivity of a factor becomes equal to its reward.

If the average revenue is a horizontal straight line, marginal revenue will be (1) U shaped (2) Kinked (3) Identical with average revenue (4) L shaped

Description : If the average revenue is a horizontal straight line, marginal revenue will be (1) U shaped (2) Kinked (3) Identical with average revenue (4) L shaped

Last Answer :  Identical with average revenue 

In a perfectly competitive market, a firm’s (1) Average Revenue is always equal to Marginal Revenue (2) Marginal Revenue is more than Average Revenue (3) Average Revenue is more than Marginal Revenue (4) Marginal Revenue and Average Revenue are never equal

Description : In a perfectly competitive market, a firm’s (1) Average Revenue is always equal to Marginal Revenue (2) Marginal Revenue is more than Average Revenue (3) Average Revenue is more than Marginal Revenue (4) Marginal Revenue and Average Revenue are never equal

Last Answer : Average Revenue is always equal to Marginal Revenue

Under Perfect Competition (1) Marginal Revenue is less than the Average Revenue (2) Average Revenue is less than the Marginal Revenue (3) Average Revenue is equal to the Marginal Revenue (4) Average Revenue is more than the Marginal Revenue

Description : Under Perfect Competition (1) Marginal Revenue is less than the Average Revenue (2) Average Revenue is less than the Marginal Revenue (3) Average Revenue is equal to the Marginal Revenue (4) Average Revenue is more than the Marginal Revenue

Last Answer : Average Revenue is equal to the Marginal Revenue

Average Revenue means (1) the revenue per unit of commodity sold (2) the revenue from all commodities sold (3) the profit realised from the marginal unit sold (4) the profit realised by sale of all commodities

Description :  Average Revenue means (1) the revenue per unit of commodity sold (2) the revenue from all commodities sold (3) the profit realised from the marginal unit sold (4) the profit realised by sale of all commodities

Last Answer : the revenue per unit of commodity sold

1. Which of the following concepts represents the extra revenue a firm receives from the services of an additional unit of a factor of production? a. total revenue b. marginal physical product c. marginal revenus product d. marginal revenue

Description : 1. Which of the following concepts represents the extra revenue a firm receives from the services of an additional unit of a factor of production? a. total revenue b. marginal physical product c. marginal revenus product d. marginal revenue

Last Answer : c. marginal revenus product

firm's marginal revenue A.is always negative B.can be positive C.is always positive D.is zero at point at which the total revenue is maximum

Description : firm's marginal revenue A.is always negative B.can be positive C.is always positive D.is zero at point at which the total revenue is maximum

Last Answer : D.is zero at point at which the total revenue is maximum

Marginal cost is the - (1) cost of producing a unit of output (2) cost of producing an extra unit of output (3) cost of producing the total output (4) cost of producing a given level of output

Description : Marginal cost is the - (1) cost of producing a unit of output (2) cost of producing an extra unit of output (3) cost of producing the total output (4) cost of producing a given level of output

Last Answer : (2) cost of producing an extra unit of output Explanation: Marginal cost is the change in total cost that arises when the quantity produced changes by one unit. That is, it is the cost ... , marginal cost at each level of production includes any additional costs required to produce the next unit.

Marginal cost is the (1) cost of producing a unit of output (2) cost of producing an extra unit of output (3) cost of producing the total output (4) cost of producing a given level of output

Description : Marginal cost is the (1) cost of producing a unit of output (2) cost of producing an extra unit of output (3) cost of producing the total output (4) cost of producing a given level of output

Last Answer : cost of producing an extra unit of output

The marginal revenue of a monopolist is: (1) more than price (2) equal to price (3) less than price (4) less than marginal cost

Description : The marginal revenue of a monopolist is: (1) more than price (2) equal to price (3) less than price (4) less than marginal cost

Last Answer : (3) less than price Explanation: A monopolist's marginal revenue is always less than or equal to the price of the good. Marginal revenue is the amount of revenue the firm receives for each additional unit ... - at the new level of output and total revenue at the previous output (one unit less).

3. The demand for labor is the same as the a. marginal revenue product b. marginal physical product c. marginal cost d. wage

Description : 3. The demand for labor is the same as the a. marginal revenue product b. marginal physical product c. marginal cost d. wage

Last Answer : a. marginal revenue product