Producer Behaviour and Supply Quiz

Class XII

Economics

Producer Behaviour and Supply

10 questions

MEDIUM

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1. What is the primary objective of a producer in a market economy?

Maximizing utility · Maximizing profit · Minimizing costs · Maximizing output

2. Which of the following is a short-run factor of production?

Land · Labor · Capital · Entrepreneurship

3. What does the law of variable proportions state?

Output increases at a decreasing rate · Output decreases with increased input · Output increases indefinitely with input · Output remains constant with increased input

4. In the short run, what can a firm vary to increase production?

All inputs · Only labor · Only capital · Only land

5. Which of the following best describes marginal product?

Total product divided by total input · Change in total product from one additional unit of input · Total product at maximum output · Total input used in production