ICOM Part 1 Principles of Economics English Medium Chapter 6 MCQ's Test

11th Class Principles of Economics English Medium Online MCQ Test for Chapter 6 (Firm's Costs of Production and Revenues)

ICOM Part 1 Principles of Economics English Medium Chapter 6 MCQ's Test

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ICOM Part 1 Principles of Economics Chapter Wise Test (English Medium)

11th Class Principles of Economics English Medium Online MCQ Test for Chapter 6 (Firm's Costs of Production and Revenues)

Sr. # Questions Answers Choice
1 The kind of market, in which a single firm produces a single commodity which has no close substitute
  • A. Monopoly
  • B. Duopoly
  • C. Oligopoly
  • D. Perfect competition
2 Which curve represents demand curve also
  • A. Marginal revenue
  • B. Average revenue
  • C. Total revenue
  • D. Marginal cost
3 Which one factor is free gift of nature ?
  • A. Land
  • B. Labour
  • C. Capital
  • D. Organization
4 When average cost falls, marginal cost is - - - - - - average cost
  • A. Less than
  • B. More than
  • C. Equal to
  • D. None of three
5 One of the following is not included in implicit cost
  • A. Interest of entrepreneur's own capital
  • B. Rent of building
  • C. Reward of entrepreneur's own labour
  • D. Reward of entrepreneur's own land
6 The demand curve for monopolist is also called
  • A. Total revenue
  • B. Average revenue
  • C. Marginal revenue
  • D. Zero revenue
7 One of the following is considered as capital:
  • A. Land
  • B. Labour
  • C. Raw material
  • D. Both (a) and (b)
8 Additional amount of money which a firm gets by selling an additional unit of output is called
  • A. Average revenue
  • B. Marginal revenue
  • C. Total revenue
  • D. Revenue
9 When average cost curve id falling, then marginal cost curve
  • A. Remains below it
  • B. Remains above it
  • C. Remains parallel to it
  • D. Is vertical
10 Marginal cost curve cuts average cost curve when average cost is
  • A. Maximum
  • B. Minimum
  • C. Increasing
  • D. Decreasing

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