Microeconomics Quiz on Production and Cost

Which of the following factors are considered as the primary factors of production?

What term is used for the man-made physical goods used to produce other goods and services?

What is the formula for calculating Average Product (AP)?

Which factor is referred to as the changing agent of society?

According to which economist, is uncertainty-bearing a key role of an entrepreneur?

What term is used for the functional relationship between inputs and outputs in production?

What is the relationship between the price of a commodity and the supply of commodity?

If the average product is decreasing, what can be said about the marginal product?

What does a production function measure?

According to George J. Stigler, how is a production function defined?

Which one of these is classified as a factor of production?

What does labour represent in the context of production?

What is the main idea behind the concept of Producer’s Equilibrium?

In Producer’s Equilibrium, what condition must be met at the point of tangency between the iso-cost line and iso-quant curve?

What does the Cobb-Douglas Production Function state about the ability to substitute factors of production?

What does the parameter ß represent in the Cobb-Douglas Production Function?

How can factor intensity be measured according to the Cobb-Douglas Production Function?

Which condition reflects a situation where a larger outlay is required in the context of Producer’s Equilibrium?