Question 14
Question 14 of 30
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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
7. The price system and t...
7.4. Private costs and benefits, ex...

use of costs and benefits in analysing decisions (knowledge of net present value is not required)

7. The price system and t...
7.5. Types of cost, revenue and pro...

short-run cost function: definition and calculation of fixed costs (FC) and variable costs (VC), definition and calculation of total, average and marginal costs (TC, AC, MC), including average total cost (ATC), total and average fixed costs (TFC, AFC) and total and average variable costs (TVC, AVC), explanation of shape of short-run average cost and marginal cost curves