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This online test contains MCQs about following topics:
. Normal profit . Super normal profit . Determination of firm's output under perfect competiton . Equilibrium of the firm under perfect competition in the short run . Equilibrium of the firm undre perfect competition in the long run . Equilibrium of the industry inder perfect competition in the long run . Price and output determination under monopoly
ICOM Part 1 Economics Ch 7 Test
ICOM Part 1 English Medium Subjects
ICOM Part 1 Urdu Medium Subjects
MCQ's Test For Chapter 7 "Principles of Economics Icom Part 1 English Medium Chapter 7 Online Test"
Try The MCQ's Test For Chapter 7 "Principles of Economics Icom Part 1 English Medium Chapter 7 Online Test"
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Total Questions15
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Time Allowed20
Principles of Economics Icom Part 1 English Medium Chapter 7 Online Test
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Question # 1
When a firm earns abnormal profit in the short run, then its
Question # 2
If a monopolist wants to increase the sale of its product, it will have to --------- the price of its good
Question # 3
When total revenue and total cost of a firm are equal, the firm earns
Question # 4
Firms equilibrium is at that point where
Question # 5
One condition which is not included in perfect competition conditions
Question # 6
A monopolist controls the supply
Question # 7
If the equation is this, MC=MR=AR(P)<AC then the firm
Question # 8
The difference between total revenue (TR) and total cost (TC) is called
Question # 9
Shut down point appears, when
Question # 10
Law of decreasing return is also known as:
Question # 11
A firm earns normal profit
Question # 12
Law of increasing return is more applicable in:
Question # 13
Under perfect competition in the long run a firm
Question # 14
Under monopoly, marginal revenue is _____ of output
Question # 15
A firm is in equilibrium when its
11th Principle of Economics Chapter 7 Test
Here you can prepare 11th Principle of Economics English Medium Chapter 7 Price and Output Determination Test. Click the button for 100% free full practice test.
Top Scorers Of Chapter 7 "Principles of Economics Icom Part 1 English Medium Chapter 7 Online Test" MCQ`s Test
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S Subtain Ahmed Raza 21 - Jul - 2023 03 Min 10 Sec 14/15 -
B Bilal zafar 07 - Jun - 2024 04 Min 38 Sec 14/15 -
M Muhammad Hammad Shekhani 28 - Jun - 2021 19 Min 18 Sec 14/15 -
A Ali hamza 25 - Dec - 2018 04 Min 07 Sec 13/15 -
S Saba 22 - Jun - 2021 06 Min 52 Sec 13/15 -
H hamza abid 16 - Aug - 2021 10 Min 50 Sec 13/15 -
N Naveera 25 - May - 2021 04 Min 02 Sec 12/15 -
M Maryam Ghaffar 11 - Jul - 2021 04 Min 50 Sec 12/15 -
S Sania Butt 03 - Jun - 2024 06 Min 03 Sec 12/15 -
I Imran alam 24 - Jun - 2021 02 Min 01 Sec 11/15 -
N niimra naeem 03 - Nov - 2018 04 Min 50 Sec 11/15 -
H Haroon Raza 05 - Feb - 2021 05 Min 01 Sec 11/15 -
S syed ashir saleem 31 - Jan - 2018 05 Min 33 Sec 11/15 -
D Daniyal umer 25 - Dec - 2020 06 Min 05 Sec 11/15 -
A Arzoo Qaiser 30 - Jan - 2026 02 Min 45 Sec 10/15
ICom Part 1 Principles of Economics ( English Medium) Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Under perfect competition, marginal revenue and average revenue curves |
A. Moves from left to right upward
B. Moves from left to right downward
C. Remain parallel to x-axis
D. Remain parallel to y-axis
|
| 2 | Firm earns maximum profit at the point where |
A. Difference between total costs and total revenue is highest and the total revenue curve is above
B. Total costs and total revenue curves intersect each other
C. Total costs curve is above the total revenue curve
D. Difference between total costs and total revenue is minimum
|
| 3 | Firm earns abnormal profit, when |
A. AC=AR
B. AR>AC
C. AR<AC
D. AC=MC
|
| 4 | One condition which is not included in perfect competition conditions |
A. Homogeneity of product
B. Difference in price
C. Large number of buyers and sellers
D. Perfect knowledge of the market
|
| 5 | In monopoly, when total revenue of a firm is maximum, then its marginal revenue is |
A. Maximum
B. Minimum
C. Zero
D. Negative
|
| 6 | Tendency of average revenue curve under monopoly is alwaus |
A. Falls down
B. Parallel to x-axis
C. Rises up
D. Parallel to y-axis
|
| 7 | If there are large number of firms in some particular industry, then situation is called |
A. Perfect competition
B. Imperfect competition
C. Monopoly
D. Monopolistic competition
|
| 8 | When total production increases, marginal product is: |
A. Positive
B. Negative
C. Zero
D. Infinite
|
| 9 | When average product is maximum, marginal product is: |
A. Positive
B. Equal to AP
C. Zero
D. Negative
|
| 10 | Under monopoly, in the long run a firm |
A. Earns normal profit
B. Earns abnormal profit
C. Bears minimum loss
D. Bears abnormal loss
|
Test Questions