Implicit cost of a factor of production is determined by its

Related MCQs

• In long run, which factor of production is fixed?
• If a firm’s average cost is Rs.32 at 6 units of output and Rs.34 at 7 unit, which one among the following is the marginal cost of producing the 7th unit
• The Long run Average Cost curve (LAC) in modern cost theory is roughly
• A production possibility curve is concave to the point of origin because of
• The cost that cannot be recovered once spent
• The saucer-type of modern Short run Average Variable Cost (SAVC) represents
• Under increasing returns to scale, which of the following is the nature of the long run average cost curve?
• Economic cost include both
• The U shape of the average total cost curve reflects
• The total fixed cost is a