{"id":6910,"date":"2023-11-23T18:21:48","date_gmt":"2023-11-23T12:51:48","guid":{"rendered":"https:\/\/edunovations.com\/mcqs\/?p=6910"},"modified":"2023-11-23T18:22:21","modified_gmt":"2023-11-23T12:52:21","slug":"ncert-class-11-economics-mcq-5","status":"publish","type":"post","link":"https:\/\/edunovations.com\/mcqs\/ncert-class-11-economics-mcq-5\/","title":{"rendered":"NCERT Class 11 Economics\u00a0MCQ :\u00a0Production and Costs"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/edunovations.com\/mcqs\/ncert-class-11-economics-mcq-5\/#NCERT_Class_11_Economics_MCQ_Production_and_Costs\" >NCERT Class 11 Economics&nbsp;MCQ :&nbsp;Production and Costs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/edunovations.com\/mcqs\/ncert-class-11-economics-mcq-5\/#NCERT_Class_11_Economics_Production_and_Costs_MCQ_%E2%80%93_NCERT_Class_11_MCQ\" >NCERT Class 11 Economics&nbsp;: Production and Costs MCQ &#8211; NCERT Class 11 MCQ<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/edunovations.com\/mcqs\/ncert-class-11-economics-mcq-5\/#Some_Important_Links\" >Some Important Links<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"NCERT_Class_11_Economics_MCQ_Production_and_Costs\"><\/span>NCERT Class 11 <strong>Economics&nbsp;<\/strong>MCQ :&nbsp;Production and Costs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Dive into the intricacies of economic landscapes with our specialized Multiple Choice Questions (MCQs) page focusing on &#8220;Production and Costs.&#8221; This resource is crafted to provide a comprehensive understanding of economic principles, featuring carefully curated questions sourced from the previous year papers of diverse exams, including the esteemed UPSC IAS exams.<\/p>\n\n\n\n<p>Explore the dynamics of production processes, cost structures, and economic efficiency through a wide array of MCQs. From basic concepts to advanced theories, our collection ensures a thorough examination of the nuances surrounding production and costs in various sectors.<\/p>\n\n\n\n<p>Prepare strategically for exams with questions that mirror the diverse formats encountered in different sectors. Whether you&#8217;re gearing up for UPSC IAS or other competitive exams, this resource offers a holistic approach to mastering the principles that govern production and costs.<\/p>\n\n\n\n<p>Enhance your economic acumen with insights derived from real-world applications and historical perspectives embedded in our MCQs. Access a wealth of knowledge distilled from previous year papers, providing a valuable edge in tackling questions related to production and costs<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"NCERT_Class_11_Economics_Production_and_Costs_MCQ_%E2%80%93_NCERT_Class_11_MCQ\"><\/span>NCERT Class 11 <strong><strong><strong>Economics&nbsp;<\/strong><\/strong><\/strong>: Production and Costs MCQ<strong> &#8211; NCERT Class 11 MCQ<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<style>\r\n    \/* Quiz container *\/\r\n    .quiz-container {\r\n        max-width: 800px;\r\n        margin: 0 auto;\r\n        padding: 20px;\r\n        box-sizing: border-box;\r\n        font-family: Arial, sans-serif;\r\n    }\r\n\r\n    \/* Question *\/\r\n    .question {\r\n        background-color: #f9f9f9;\r\n        padding: 20px;\r\n        border: 1px solid #ccc;\r\n        font-size: 20px;\r\n        margin-bottom: 20px;\r\n        border-radius: 5px;\r\n        box-shadow: 0 2px 4px rgba(0, 0, 0, 0.1);\r\n        position: relative;\r\n    }\r\n\r\n    \/* Question header *\/\r\n    .question h4 {\r\n        margin-bottom: 20px;\r\n    }\r\n\r\n    \/* Options list *\/\r\n    .options {\r\n        list-style-type: none;\r\n        padding: 0;\r\n    }\r\n\r\n    \/* Option item *\/\r\n    .options li {\r\n        margin: 10px;\r\n        padding: 10px;\r\n        display: flex;\r\n        align-items: center;\r\n        border-radius: 5px;\r\n        border: 2px solid #ccc;\r\n        box-shadow: 0 2px 4px rgba(0, 0, 0, 0.1);\r\n    }\r\n\r\n    \/* Option number *\/\r\n    .options li span {\r\n        margin-right: 10px;\r\n        width: 20px;\r\n        height: 20px;\r\n        border-radius: 50%;\r\n        border: 2px solid black;\r\n        display: flex;\r\n        justify-content: center;\r\n        align-items: center;\r\n        font-weight: bold;\r\n    }\r\n\r\n    \/* Option colors *\/\r\n    .options li span.option-a {\r\n        background-color: #FFD700; \/* Yellow *\/\r\n    }\r\n\r\n    .options li span.option-b {\r\n        background-color: #FF1493; \/* Pink *\/\r\n    }\r\n\r\n    .options li span.option-c {\r\n        background-color: #00BFFF; \/* Light Blue *\/\r\n    }\r\n\r\n    .options li span.option-d {\r\n        background-color: #7CFC00; \/* Green-Yellow *\/\r\n    }\r\n\r\n    .options li span.option-e {\r\n        background-color: #EE82EE; \/* Purple-Pink *\/\r\n    }\r\n\r\n    \/* Show answer button *\/\r\n    .show-answer {\r\n        background-color: #0066CC;\r\n        color: #fff;\r\n        border: none;\r\n        padding: 8px 20px;\r\n        font-size: 20px;\r\n        cursor: pointer;\r\n        border-radius: 3px;\r\n        text-align: center;\r\n        display: inline-block;\r\n        margin-bottom: 20px;\r\n    }\r\n\r\n    \/* Answer box *\/\r\n    .answer-box {\r\n        margin: 0 auto;\r\n        padding: 10px;\r\n        font-size: 20px;\r\n        color: #61970F;\r\n        box-sizing: border-box;\r\n        display: none;\r\n    }\r\n\r\n    \/* Question header *\/\r\n    .quiz-container .question-header {\r\n        color: darkblue;\r\n        font-weight: bold;\r\n        margin-right: 10px;\r\n    }\r\n\r\n    \/* Question header and text *\/\r\n    .quiz-container .question-header,\r\n    .quiz-container .question-text {\r\n        display: inline;\r\n        font-weight: bold;\r\n    }\r\n\r\n    \/* Responsive styles *\/\r\n    @media (max-width: 767px) {\r\n        .quiz-container {\r\n            padding: 10px;\r\n        }\r\n    }\r\n<\/style>\r\n<div class=\"quiz-container\">\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">In production function, production is a function of:<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_90587\"> Price<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_90587\"> Factors of Production<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_90587\">Total Expenditure<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_90587\"> None of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"b\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">The basic reason of operating the Law of Diminishing Returns is:<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_90589\"> Scarcity of Factors<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_90589\">Imperfect Substitution between Factors<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_90589\">Both (a) and (b)<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_90589\"> None of the above<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Which of the following explains the short-run production function ?<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_90592\"> Law of Demand<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_90592\">Law of Variable Proportion<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_90592\"> Returns to Scale<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_90592\"> Elasticity of Demand<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"b\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Long-run production function is related to:<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_90594\"> Law of Demand<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_90594\"> Law of Increasing Returns<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_90594\">Laws of Returns to Scale<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_90594\">Elasticity of Demand<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">In which stage of production a rational producer likes to operate in shot-run production ?<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_90596\"> First Stage<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_90596\"> Second Stage<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_90596\">Third Stage<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_90596\"> None of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"b\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Law of variable proportion explains three stages of production. In the first stage of production:<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_90599\"> Both MP and AP rise<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_90599\"> MP rises<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_90599\">AP Falls<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_90599\">MP is zero<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"a\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">At which time all the factors of production may be changed ?<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_90601\"> Short run<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_90601\">Long run<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_90601\">Very Long run<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_90601\">All the three<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"b\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Production function is expressed as:<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_90604\">Qx = Px<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_90604\">Qx = f(A, B, C, D)<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_90604\">Qx = Dx<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_90604\">None of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"b\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Which factors among following we find in short-run production process ?<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_90606\"> Fixed Factors<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_90606\">Variable Factors<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_90606\"> Both (a) and (b)<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_90606\"> None of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">The cycle which increases first and after being constant starts to reduce is called :<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_90609\"> APP<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_90609\"> MPP<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_90609\">TPP<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_90609\"> All of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"d\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Which of the following is a saurce of production ?<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_90611\"> Land<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_90611\"> Labour<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_90611\">Capital<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_90611\">All of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"d\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Law of variable proportion is related to :<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_90612\"> Both short-run and long run<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_90612\">Long-run<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_90612\">Short-run<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_90612\"> Very Long-run<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">An active factor of production is:<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_90614\"> Capital<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_90614\">Labour<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_90614\">Land<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_90614\">None of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"b\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">If all the factors of production are increased by same proportion and as a result output increases by a greater proportion than it is called :<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_90616\">Constant returns to scale<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_90616\">Decreasing returns to scale<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_90616\">All of these<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_90616\"> None of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"d\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Which of the following is included in money cost ?<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_90619\"> Normal Profit<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_90619\">Explicit Cost<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_90619\"> Implicit Cost<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_90619\"> All of these<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"d\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Which of the following is not fixed cost ?<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_90621\"> Insurance Premium<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_90621\">Interest<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_90621\">Cost of Raw Material<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_90621\">Rent of the Factory<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">With the increase in production the difference between total cost and total fixed cost:<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_90623\"> Remains Constant<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_90623\">Increases<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_90623\">Decreases<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_90623\">Both Increases or Decreases<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"b\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">Changes in production quantity affect:<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_90626\">Both Fixed and Variable Cost<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_90626\">Only Variable Cost<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_90626\">Only Fixed Cost<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_90626\"> None of the above<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"b\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">What happens when production is shut down ?<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_90628\"> Fixed Cost Increases<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_90628\"> Variable Costs Decline<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_90628\"> Variable Costs become zero<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_90628\">Fixed Costs become zero<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"c\">Show Answer<\/button>\r\n    <\/div>\r\n      <div class=\"question\">\r\n      <span class=\"question-header\">Question:<\/span>\r\n      <div class=\"question-text\">The alternative name of opportunity cost is:<\/div>\r\n      <ul class=\"options\">\r\n        <li><span class=\"option-a\">A<\/span><label for=\"optA_90630\">Economic Cost<\/label><\/li>\r\n        <li><span class=\"option-b\">B<\/span><label for=\"optB_90630\"> Equilibrium Price<\/label><\/li>\r\n        <li><span class=\"option-c\">C<\/span><label for=\"optC_90630\"> Marginal Cost<\/label><\/li>\r\n        <li><span class=\"option-d\">D<\/span><label for=\"optD_90630\"> Average Cost<\/label><\/li>\r\n              <\/ul>\r\n      <div class=\"answer-box\"><\/div>\r\n      <button class=\"show-answer\" data-answer=\"a\">Show Answer<\/button>\r\n    <\/div>\r\n  <\/div>\r\n<script src=\"https:\/\/code.jquery.com\/jquery-3.6.0.min.js\"><\/script>\r\n<script>\r\n$(document).ready(function() {\r\n  $('.show-answer').click(function() {\r\n    var answer = $(this).data('answer');\r\n    $(this).siblings('.answer-box').html('The correct answer is: ' + answer).slideDown();\r\n    $(this).hide();\r\n  });\r\n});\r\n<\/script>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Some_Important_Links\"><\/span>Some Important Links <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline is-style-outline--1\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/class-1\/\" target=\"_blank\" rel=\"noreferrer noopener\">NCERT CLASS 1 MCQ<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--2\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/class-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">NCERT CLASS 2 MCQ<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--3\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/class-3\/\" target=\"_blank\" rel=\"noreferrer noopener\">NCERT CLASS 3 MCQ<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--4\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/class-4\/\">NCERT CLASS 4 MCQ<\/a><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline is-style-outline--5\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/class-5\/\" target=\"_blank\" rel=\"noreferrer noopener\">NCERT CLASS 5 MCQ<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--6\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/class-6\/\" target=\"_blank\" rel=\"noreferrer noopener\">NCERT CLASS 6 MCQ<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--7\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/class-7\/\" target=\"_blank\" rel=\"noreferrer noopener\">NCERT CLASS 7 MCQ<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--8\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/class-8\/\">NCERT CLASS 8 MCQ<\/a><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline is-style-outline--9\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/class-9\/\" target=\"_blank\" rel=\"noreferrer noopener\">NCERT CLASS 9 MCQ<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--10\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/class-10\/\" target=\"_blank\" rel=\"noreferrer noopener\">NCERT CLASS 10 MCQ<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--11\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/class-11\/\" target=\"_blank\" rel=\"noreferrer noopener\">NCERT CLASS 11 MCQ<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--12\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/class-12\/\">NCERT CLASS 12 MCQ<\/a><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/ncert\/\" target=\"_blank\" rel=\"noreferrer noopener\">NCERT MCQs<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/subject-wise\/indian-history\/\" target=\"_blank\" rel=\"noreferrer noopener\">Indian History MCQs<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/mcqs\/category\/subject-wise\/indian-polity\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Indian Polity MCQ<\/strong>s<\/a><\/div>\n<\/div>\n\n\n\n<figure class=\"wp-block-image size-full\" id=\"Free-GK-MCQ-App\"><a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.edunovations.quiz\" target=\"_blank\" rel=\"Free GK MCQ App noreferrer noopener\"><img fetchpriority=\"high\" decoding=\"async\" width=\"900\" height=\"150\" src=\"https:\/\/edunovations.com\/mcqs\/wp-content\/uploads\/2023\/06\/Free-MCQ-App.jpg\" alt=\"Free GK MCQ App\" class=\"wp-image-743\" title=\"Free GK MCQ App\" srcset=\"https:\/\/edunovations.com\/mcqs\/wp-content\/uploads\/2023\/06\/Free-MCQ-App.jpg 900w, https:\/\/edunovations.com\/mcqs\/wp-content\/uploads\/2023\/06\/Free-MCQ-App-300x50.jpg 300w, https:\/\/edunovations.com\/mcqs\/wp-content\/uploads\/2023\/06\/Free-MCQ-App-768x128.jpg 768w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/a><figcaption class=\"wp-element-caption\">Free GK MCQ App<\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\" id=\"Free-Daily-Current-Affairs-MCQ-App\"><a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.edunovations.quiz\" target=\"_blank\" rel=\"Free Daily Current Affairs MCQ App noopener\"><img decoding=\"async\" width=\"900\" height=\"150\" src=\"https:\/\/edunovations.com\/mcqs\/wp-content\/uploads\/2023\/06\/Banner-current-affairs-2.jpg\" alt=\"Free Daily Current Affairs MCQ App\" class=\"wp-image-744\" title=\"Free Daily Current Affairs MCQ App\" srcset=\"https:\/\/edunovations.com\/mcqs\/wp-content\/uploads\/2023\/06\/Banner-current-affairs-2.jpg 900w, https:\/\/edunovations.com\/mcqs\/wp-content\/uploads\/2023\/06\/Banner-current-affairs-2-300x50.jpg 300w, https:\/\/edunovations.com\/mcqs\/wp-content\/uploads\/2023\/06\/Banner-current-affairs-2-768x128.jpg 768w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/a><figcaption class=\"wp-element-caption\">Free Daily Current Affairs MCQ App<\/figcaption><\/figure>\n\n\n\n<script async=\"\" src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6643489308705072\" crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\" style=\"display:block\" data-ad-format=\"autorelaxed\" data-ad-client=\"ca-pub-6643489308705072\" data-ad-slot=\"2759669284\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\n","protected":false},"excerpt":{"rendered":"<p>NCERT Class 11 Economics&nbsp;MCQ :&nbsp;Production and Costs Dive into the intricacies of economic landscapes with our specialized Multiple Choice Questions (MCQs) page focusing on &#8220;Production and Costs.&#8221; This resource is crafted to provide a comprehensive understanding of economic principles, featuring carefully curated questions sourced from the previous year papers of diverse exams, including the esteemed [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":6922,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"off","ocean_gallery_id":[],"footnotes":""},"categories":[70],"tags":[5122,5124,4075,589,5121,5123,5067],"class_list":["post-6910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-class-11","tag-cost-structures","tag-economic-efficiency","tag-economic-principles","tag-previous-year-papers","tag-production-and-costs-mcqs","tag-production-processes","tag-upsc-ias-exams","entry","has-media"],"_links":{"self":[{"href":"https:\/\/edunovations.com\/mcqs\/wp-json\/wp\/v2\/posts\/6910","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/edunovations.com\/mcqs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/edunovations.com\/mcqs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/edunovations.com\/mcqs\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/edunovations.com\/mcqs\/wp-json\/wp\/v2\/comments?post=6910"}],"version-history":[{"count":2,"href":"https:\/\/edunovations.com\/mcqs\/wp-json\/wp\/v2\/posts\/6910\/revisions"}],"predecessor-version":[{"id":6925,"href":"https:\/\/edunovations.com\/mcqs\/wp-json\/wp\/v2\/posts\/6910\/revisions\/6925"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/edunovations.com\/mcqs\/wp-json\/wp\/v2\/media\/6922"}],"wp:attachment":[{"href":"https:\/\/edunovations.com\/mcqs\/wp-json\/wp\/v2\/media?parent=6910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edunovations.com\/mcqs\/wp-json\/wp\/v2\/categories?post=6910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edunovations.com\/mcqs\/wp-json\/wp\/v2\/tags?post=6910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templat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