Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as: Assertion (A): Increasing returns to a factor is a short run phenomenon. Reason (R): Greater application of the variable factor ensures fully utilization of the fixed factor.

Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).

Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).

Assertion (A) is true, but Reason (R) is false.

Assertion (A) is false, but Reason (R) is true.

Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as: Assertion (A): Average product increases only when marginal product increases. Reason (R): AP increases so long as MP is greater than AP, whether MP is rising or falling.

Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).

Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).

Assertion (A) is true, but Reason (R) is false.

Assertion (A) is false, but Reason (R) is true.

Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as: Assertion (A): Increasing returns to a factor is a short run phenomenon. Reason (R): Greater application of the variable factor ensures fully utilization of the fixed factor.

Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).

Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).

Assertion (A) is true, but Reason (R) is false.

Assertion (A) is false, but Reason (R) is true.

Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as: Assertion (A): The percentage change in quantity supplied is 20% and the percentage change in price is 20%. Thus the elasticity of supply is 1. Reason (R): The commodity supplied has unitary elastic supply and its supply curve will be upward rising.

Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).

Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).

Assertion (A) is true, but Reason (R) is false.

Assertion (A) is false, but Reason (R) is true.

Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as: Assertion (A): The supply of food grains is inelastic. Reason (R): The supply of food grain is not responsive to the price of the food grain.

Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).

Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).

Assertion (A) is true, but Reason (R) is false.

Assertion (A) is false, but Reason (R) is true.

Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as: Assertion (A): Elasticity of supply of gold is unitary elastic. Reason (R): The unitary elastic supply is equal to 1.

Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).

Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).

Assertion (A) is true, but Reason (R) is false.

Assertion (A) is false, but Reason (R) is true.

Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as: Assertion (A): Average Cost will rise only when Marginal Cost rises. Reason (R): Rise in AC takes place when MC is greater than AC and not necessarily when MC rises.

Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).

Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).

Assertion (A) is true, but Reason (R) is false.

Assertion (A) is false, but Reason (R) is true.

Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as: Assertion (A): When Average Cost is constant, AC curve is at its minimum point. Reason (R): At this point, MC curve cuts AC curve, which implies MC = AC.

Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).

Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).

Assertion (A) is true, but Reason (R) is false.

Assertion (A) is false, but Reason (R) is true.

Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as: Assertion (A): The difference between AC and AVC is due to AFC. Reason (R): As output increases AFC decreases, so the difference between AC and AVC decreases.

Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).

Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).

Assertion (A) is true, but Reason (R) is false.

Assertion (A) is false, but Reason (R) is true.

Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as: Assertion (A): With increase in the subsidy, the supply curve shifts to the left. Reason (R): The government subsidy makes the goods more profitable for the producers to produce them.

Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).

Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).

Assertion (A) is true, but Reason (R) is false.

Assertion (A) is false, but Reason (R) is true.

Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as: Assertion (A): The supply curve of a good shift to the right when prices of other goods fall. Reason (R): When price of other good falls, it becomes less profitable to produce them in place of the given good.

Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).

Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).

Assertion (A) is true, but Reason (R) is false.

Assertion (A) is false, but Reason (R) is true.

Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as: Assertion (A): When the price of the goods falls, the supply curve shifts to the right. Reason (R): When price of the goods falls, the producers sell less as there is a positive relation between price and quantity supplied.

Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).

Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).

Assertion (A) is true, but Reason (R) is false.

Assertion (A) is false, but Reason (R) is true.

Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as: Assertion (A): A firm is able to sell more quantity of a good only by lowering the price. Reason (R): The firm’s Marginal Revenue, as he goes on selling, would be less than Average revenue.

Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).

Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).

Assertion (A) is true, but Reason (R) is false.

Assertion (A) is false, but Reason (R) is true.

Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as: Assertion (A): When 5 units of a good are sold at ₹ 20, total revenue is ₹ 100. Reason (R): Total revenue is the revenue earned by the firm from the total amount of product sold by it.

Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).

Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).

Assertion (A) is true, but Reason (R) is false.

Assertion (A) is false, but Reason (R) is true.

Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as: Assertion (A): When MR is positive, TR tends to increase. Reason (R): As under monopoly, more of the commodity can be sold by lowering down the price of the commodity. Hence AR curve is downward sloping from left to right.

Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).

Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).

Assertion (A) is true, but Reason (R) is false.

Assertion (A) is false, but Reason (R) is true.

Production and Costs- Assertion and Reason Type Questions Free MCQ Practice Test with Solutions

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