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11.

TVC

A.	Starts from origin	B.	Does not start from origin
C.	Is parallel to Y-axis	D.	None of these

12.

A.	Rises continuously	B.	Falls after reaching a maximum
C.	Is horizontal	D.	None of these

13.

All the following are U-shaped Except:

A.	AVC	B.	AFC
C.	AC	D.	MC

14.

The cost which a firm incurs for purchasing or hiring factors is called:

A.	Implicit	B.	Explicit
C.	Real	D.	Nominal

15.

The short run:

A.	Is less than one year	B.	Requires that at least one input is fixed
C.	Requires that all inputs are fixed	D.	Is just long enough to permit entry and exit

16.

The long run is a:

A.	Period of three years or longer	B.	Period long enough to allow firms to change plant size and capacity
C.	Period long enough to allow firm to make economic decisions	D.	A period which affects larger than smaller firms

17.

As output increases, AC curve:

A.	Falls	B.	Rises
C.	Remains constant	D.	(a), (b), (c) are all correct