1. When average cost is decreasing what status marginal cost has as compared to average cost ?

2. Which statement of the following is true ?

3. What is an opportunity cost ?

4. The shape of average cost curve is :

5. The average fixed cost at 5 units of output is Rs. 20. Average variable cost at 5 units of output is Rs. 40. Average cost of producing 5 units is:

6. Which of the following is correct ?

7. Average variable costs can be defined as:

8. With increase in output, the difference between total cost and total variable cost:

9. Which factors are used in short-run production process ?

10. Following figure shows: