Production and Costs Class 12 MCQs Questions with Answers

1. Long-run production function is related to:

2. Average fixed cost can be obtained through:

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

4. Production function is expressed as:

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

6. AFC curve is:

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

8. Economic cost excludes:

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

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

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

12. As output increases, average fixed cost:

13. Opportunity cost is:

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

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

16. Law of variable proportion is related to :

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

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

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

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