KIIT University 2008 micro-economics - exam paper

e. producing a provided output at the least possible cost.

34. In the short-run:
a. All costs are fixed.
b. All costs are variable.
c. At lowest 1 cost is fixed.
d. At lowest 1 cost is variable.
e. No costs are fixed or variable.

35. In the long-run:
a. All costs are fixed.
b. All costs are variable.
c. At lowest 1 cost is fixed.
d. At lowest 1 cost is variable.
e. No costs are fixed or variable.

36. Marginal Cost is:
a. The increase in cost as a outcome of producing one additional unit of output.
b. The identical as avg. Cost.
c. The costs that occur because production has stopped.
d. Variable Costs + Fixed Costs
e. None of the above.

37. A sole proprietorship and a partnership share this quality or qualities in common.
a. They have at lowest 1 owner.
b. The owner(s) have unlimited liability on business debts.
c. They are both unincorporated.
d. All the above.
e. None of the above.

38. avg. Product rises when:
a. Total cost is falling.
b. Total revenue is rising.
c. When it exceeds Marginal Revenue.
d. When it exceeds Marginal Product.
e. None of the above.

39. Accounting profit and Economic profit are the identical.
a. actual
b. False

40. The minimum return necessary for owners to keep funds and their entrepreneurial skills in their business is known as ___________ profit.

ques. 41-44 are answered using the subsequent terms beneath. Please only use every term once.
Perfect Competition, Monopolistic Competition, Oligopoly, Monopoly

41. A market structure characterized by many buyers and sellers of slightly various products and easy entry to, and exit from, the industry is known as __________________.

42. A market structure characterized by only 1 business supplying a product with no close substitutes and restricted entry to the industry is known as ____________________.

43. A market structure characterized by only a few businesses offering standard or similar products and restricted entry to the industry is known as _______________________.

44. A market structure characterized by many buyers and sellers of a standard product and easy entry to and exit from the industry is known as ____________________.

Earning:   Approval pending.