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This set of Principles of Micro Economics Multiple Choice Questions & Answers (MCQs) focuses on Principles Of Micro Economics Set 4

Q1 | Whenever marginal product is increasing with increasing use of an input,
Q2 | When average product is at a maximum, marginal product is
Q3 | Whenever average product is declining, with increases in input usage,
Q4 | The total product curve may initially show output increasing at an increasingrate as more labour is hired because of the:
Q5 | If labour is the only variable resource and its marginal physical product falls asmore workers are hired:
Q6 | When both average and total product are greater than zero, and marginalproduct equals average product, then total product:
Q7 | Costs incurred only when production occurs are known as:
Q8 | The law of diminishing marginal returns is encountered as increasing amountsof labour are hired because:
Q9 | Which of the following is irrelevant for rational decision making?
Q10 | A curve that can never be ā€œUā€ shaped is the:
Q11 | Diminishing marginal returns are most compatible with:
Q12 | If average variable costs fall as output grows:
Q13 | In economic theory the costs of a firm
Q14 | The average total costs of the firm as defined in standard economic theory
Q15 | The short run as the term is used in connection with the theory of the firm is aperiod of time:
Q16 | According to the principle of diminishing marginal physical productivity, inthe short run
Q17 | Economies of scale
Q18 | Marginal costs and average variable costs are equal when
Q19 | Theory of demand examines the behaviour of the--------
Q20 | The want satisfying power of a commodity:
Q21 | Utility is the concept which is:
Q22 | Change in utility resulting from one unit change in consumption is called:
Q23 | When Total Utility is maximum, Marginal Utility is :
Q24 | When Marginal Utility is negative, Total Utility:
Q25 | Saturation point is the point where: