Production and Costs Class 12 MCQs Questions with Answers

1. At which time all the factors of production may be changed ?

2. Long-run production function is related to:

3. When shape of average cost curve is upwards, marginal cost:

4. As output increases, average fixed cost:

5. Opportunity cost is:

6. The cycle which increases first and after being constant starts to reduce is called :

7. Law of variable proportion is related to :

8. Which of the following is a source of production ?

9. U-shaped average cost curve is based on:

10. Which of the following explains the short-run production function ?

11. In which stage of production a rational producer likes to operate in shot-run production ?

12. A firm’s average fixed cost is Rs 20 at 6 units of output what will it be at 4 units of output?

13. Average fixed cost can be obtained through:

14. Which of the following cost curves is never ‘U’ shaped?

15. Which factors among following we find in short-run production process ?

16. AFC curve is:

17. Production function is expressed as:

18. Law of variable proportion explains three stages of production. In the first stage of production:

19. Economic cost excludes:

20. If total cost at 10 units is Rs 600 and Rs 640 for 11th unit. The marginal cost of 11th unit is: