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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What defines a firm's supply curve?
💡 Hint: Think about how price impacts the quantity supplied.
Question 2
Easy
What happens to the output level when the market price is less than the minimum AVC?
💡 Hint: Consider the firm's cost structure.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is a firm's supply curve a reflection of?
- Demand structure
- Cost structure
- Marketing strategy
💡 Hint: Consider what factors influence how much a firm can supply.
Question 2
True or False: A firm will continue to produce even when price is below AVC.
- True
- False
💡 Hint: Think about the implications for a firm’s financial health.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A firm produces 100 units at a price of Rs 20 and has AVC of Rs 15. If the price rises to Rs 25, calculate the changes in production levels assuming the MC curve remains constant.
💡 Hint: Reflect on how marginal costs interact with average variable costs.
Question 2
Given a situation where input prices increase significantly by 20%, describe the likely effect on a firm's supply curve.
💡 Hint: Think broad: how do costs ultimately drive supply?
Challenge and get performance evaluation