Question 12
Question 12 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). Calculation of TC, ATC, FC, VC, AFC and AVC. Definition, drawing and interpretation of diagrams that show how changes in output affect costs of production. Total revenue (TR) and average revenue (AR). Calculation of TR and AR. The influence of sales on revenue. Survival, social welfare, profit maximisation and growth. Note: marginal cost is not required. Note: marginal revenue is not required.

1. The basic economic pro...
1.4. Production possibility curve (...

Movements along a PPC and opportunity cost.