Answer: Option D. -> quasi-rent
Answer: (d)
Quasi-rent is the surplus that is received in a short period because of demand exceeding the supply by the man-made factors besides land. It is an analytical term in economics, for the income earned, in excess of post-investment opportunity cost, by a sunk cost investment.
In general, economic rent is the difference between the income from a factor of production in particular use, and either the cost of bringing the factor into economic use (Classical factor rent) or the opportunity cost of using the factor, where opportunity cost is defined as the current income minus the income available in the next best use.

Answer: Option D. -> Cost Incurred in advertisement
Answer: (d)Selling cost is total cost of marketing, advertising, and selling a product. It differs from the production cost which is incurred to produce goods. Selling cost influences the commercial desire to purchase a commodity.

Answer: Option A. -> Micro Economics
Answer: (a)
Price theory is also known as microeconomics and is concerned with the economic behaviour of individual consumers, producers and resource owners. Prof. Leftwich defines Price Theory as “it is concerned with the flow of goods and services from business firms to consumers, the composition of flow and the evaluation of pricing of the component parts of the flow.
It is concerned too with the flow of productive resources (or their services) from resource owners to business firms with their evaluation and with their allocation among alternative uses.”

Answer: Option B. -> stop production.
Answer: (b)
In the short run, a firm that is operating at a loss (where the revenue is less than the total cost or the price is less than the unit cost) must decide to operate or temporarily shut down.
.It will shut down if the sale of the goods or services produced cannot even cover the variable costs of production.

Answer: Option A. -> $\text"Money wage"/\text"price level"$
Answer: (a)If a person’s wage rises by ten per cent and prices rise by more than ten per cent, his real wage goes down.

Answer: Option D. -> single seller
Answer: (d)
A Monopoly exists when a specific person or enterprise is the only supplier of a particular commodity, This contrasts with a monopsony which relates to a single entity's control of a market to purchase a good or service, and with an oligopoly which consists of a few entities dominating an industry.
Monopolies are thus characterized by a lack of economic competition to produce the good or service and a lack of viable substitute goods

Answer: Option A. -> the next best alternative output
Answer: (a)
The concept of opportunity cost is based on scarcity and choice. The opportunity cost of a commodity is the next best alternative commodity sacrificed. In other words, the opportunity cost of a commodity is forgoing the opportunity to produce alternative goods and services.
If one commodity is produced another commodity is sacrificed. So the opportunity cost of producing a good is equal to the cost of not producing another commodity.

Answer: Option D. -> continue to operate as long as it covers even the variable costs.
Answer: (d)
The situation when a firm is operating at loss in a short period in perfect competition arises when the price is so low that total revenue is not even enough to cover the variable cost of production.
The shutdown point is that point at which the price is equal to average variable costs or the firm covers its variable costs.
So it should operate as long as it covers even the variable costs.

Answer: Option B. -> Producers’ goods
Answer: (b)Plant and machinery are Producers’ goods. Together with stocks and work in progress, these goods are collectively termed ‘Capital’.

Answer: Option C. -> Increase and Decrease of Demand
Answer: (c)
A shift in the demand curve is caused by a factor affecting demand other than a change in price. If any of these factors change then the amount consumers wish to purchase changes whatever the price.
The shift in the demand curve is referred to as an increase or decrease in demand. A movement along the demand curve occurs when there is a change in price. This may occur because of a change in supply conditions.
The factors affecting the demand are assumed to be held constant. A change in price leads to a movement along the demand curve and is referred to as a change in quantity demanded.