Question : A firm’s supply curve is on an upward slope because:-
A: The production costs of additional units of output will rise beyond a point
B: Consumers see a positive relationship between price and quality
C: Expansion of production leads to the use of inferior inputs

Option 1: A only 

Option 2: C only

Option 3: B only

Option 4: A, B and C all

Question : The non-expenditure costs which arise when the producing firm itself own and supplies certain factor of production are

Option 1: explicit costs

Option 2: original costs

Option 3: implicit costs

Option 4: replacement costs

Question : Production function explains the relationship between:

Option 1: initial inputs and ultimate output

Option 2: input and ultimate consumption

Option 3: output and consumption

Option 4: output and exports

Question : Most supply curves _______ due to rising marginal costs.
 

Option 1: Possess a positive slope

Option 2: Have a downward slope

Option 3: Horizontal

Option 4: Vertical

Question : If the demand curve is a racing cycle, D = 80200 - 13P, and the supply curve is S = 6200 + 12P, what is the equilibrium quantity?

Option 1: 2960 units

Option 2: 31220 units

Option 3: 8750 units

Option 4: 41720 units