MA Economics 2nd Semester Exam Paper

To answer short answer type questions

To answer any two long answer type questions of Nineteen (19) marks each (correct)

To answer any five long answer type questions of Nineteen (19) marks each

To answer any one long answer type question of Nineteen (19) marks

The total costs incurred by a firm in producing a given quantity of output

The average income earned by a firm from selling a given quantity of output

The additional income earned by a firm from selling one more unit of output

The total income earned by a firm from selling a given quantity of output (correct)

Short run equilibrium occurs when marginal cost equals marginal revenue, while long run equilibrium does not have this condition.

Short run equilibrium involves fixed costs, while long run equilibrium does not.

Short run equilibrium allows firms to enter or exit the market, while long run equilibrium does not.

Short run equilibrium may result in economic profits or losses, while long run equilibrium always results in zero economic profit. (correct)

<p>It is the cost of an alternative that must be forgone in order to pursue a certain action</p> Signup and view all the answers

<p>The revenue earned from selling all units of a product</p> Signup and view all the answers

<p>The revenue earned from selling an additional unit of a product</p> Signup and view all the answers

<p>Price equals average total cost and marginal cost</p> Signup and view all the answers

<p>Price equals marginal cost but exceeds average total cost</p> Signup and view all the answers