Marginal cost is defined as :

Which of the following is an example of an “explicit cost”?

The wages a proprietor could have made by working as an employee of a large firm
The income that could have been earned in alternative uses by the resources owned by the firm
The payment of wages by the firm
The normal profit earned by a firm

In the short run, when the output of firm increases, its average fixed cost:

Which cost increases continuously with the increase in production?

To economists, the main difference between the short run and the long run is that:

in the short run all inputs are fixed, while in the long run all inputs are variable
in the short run the firm varies all of its inputs to find the least cost combination of inputs
in the short-run, at least one of the firm’s input levels is fixed
in the long run, the firm is making a constrained decision about how to use existing plant and equipment efficiently

Diminishing marginal returns imply

The marginal product of a variable input is best described as:

total product divided by the number of units of variable input
the additional output resulting from a one unit increase in the variable input
The additional output resulting from a one unit increase in both the variable and fixed inputs
The ratio of the amount of the variable input that is being used to the amount of the fixed input that is being used

Which of the following statements is true ?

Which of the following is not a characteristic of land?

M₁ in the money stock in India refers to:

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