Author: Study Clue

Total revenue (TR) is calculated as A Price × Quantity sold B Total cost ÷ Output C Marginal cost ×

Short-run is defined as a period in which A All factors are fixed B All factors are variable C Some

Cost in economics refers to A Only money spent on inputs B Opportunity cost of resources used C Accounting expenditure

Producer’s equilibrium is achieved when A Cost is minimum B Output is maximum C Profit is maximum D Revenue is

Returns to scale refer to the change in output when A One factor is increased B All factors are increased

Elasticity of supply measures the responsiveness of A Demand to income B Supply to price change C Supply to income

Supply in economics refers to A Stock of goods available B Quantity producers wish to sell at different prices C

Consumer surplus refers to A Difference between total utility and total expenditure B Excess of price over willingness to pay

Elasticity of demand measures the A Change in demand B Change in quantity demanded C Responsiveness of demand to changes

Utility in economics refers to A Satisfaction derived from consumption B Usefulness measured in money C Market value of a