Producer Behaviour and Supply - Class XII Economics Quiz
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Preview questions
1. What is the primary objective of a firm in a competitive market?
Maximize revenue · Minimize costs · Maximize profit · Maximize market share
2. Which of the following is NOT a factor of production?
Land · Labour · Capital · Money
3. The law of diminishing returns applies to which type of production?
Short-run production · Long-run production · All types of production · None of the above
4. In the short run, which factor is fixed?
Land · Labour · Capital · All of the above
5. What does the term 'marginal product' refer to?
Total output produced · Output produced by an additional unit of input · Average output per unit of input · Total cost of production
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