Question 5
Question 5 of 30
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No letter options?
Older MCQs might not have the typical A, B, C, D choices. They have choices 1, 2, 3, and a combination of them is the answer. Below is the key that maps such combinations to the answer.
A 1, 2 and 3 are correct
B 1 and 2 only are correct
C 2 and 3 only are correct
D 1 only is correct
Topics Tested
3. Microeconomic decision...
3.7. Firms’ costs, revenue and obje...

Total cost (TC), average total cost (ATC), fixed cost (FC), variable cost (VC), average fixed cost (AFC), average variable cost (AVC).

1. The basic economic pro...
1.3. Opportunity cost

Definition and examples of opportunity cost in different contexts. The influence of opportunity cost on decision making. Decisions made by consumers, workers, producers and governments when allocating their resources.