The variable cost of a firm vary in direct proportion to the

Related MCQs

• Let a firm employs 5 labourers and produces 120 units of output. When 6 labourers are employed the firm produces 136 units of output. Then the marginal product is ---
• When output is zero, variable cost is --------
• The proportion between total income and total consumption is called:
• The proportion between incremental income and incremental consumption is called:
• The proportion between total income and total saving is called:
• Cost function relates cost to
• Law of variable proportions is concerned with
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• National income is a --------variable.