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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
00:00
Question # 1
If variable costs of a firm are covered partly under perfect competition, then that firm
Question # 2
If the equation is this, MC=MR-AR(P)=AC, then the firm
Question # 3
Usually elasticity of demand in equilibrium situation under monopoly is
Question # 4
The formula of calculating total revenue is
Question # 5
If a monopolist wants to increase the sale of its product, it will have to --------- the price of its good
Question # 6
When average product increases, marginal product is:
Question # 7
In monopoly, when total revenue of a firm is maximum, then its marginal revenue is
Question # 8
When total production decreases, marginal product is:
Question # 9
Firms equilibrium is at that point where
Question # 10
Monopolist firm in the long run
Question # 11
A firm is in equilibrium when its
Question # 12
Law of increasing return is more applicable in:
Question # 13
Law of diminishing return is more applicable in:
Question # 14
Laws of returns are also known as:
Question # 15
According to neo classical approach, output is the function of:
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 | Monopoly is opposite to |
A. Perfect competition
B. Imperfect competition
C. Perfect competition and imperfect competition both
D. Oligopoly
|
| 2 | Under monopoly, in the long run a firm |
A. Earns normal profit
B. Earns abnormal profit
C. Bears minimum loss
D. Bears abnormal loss
|
| 3 | Industry is in equilibrium under perfect competition in the long run, when every existing firm in the industry |
A. Is earning abnormal profit
B. Is earning normal profit
C. Is facing minimum loss
D. Is facing abnormal loss
|
| 4 | A firm is in equilibrium when its |
A. Marginal revenue is equal to marginal cost
B. Marginal revenue is more than marginal cost
C. Marginal revenue is less than marginal cost
D. Marginal revenue is equal to average cost
|
| 5 | A monopolist firm usually earns |
A. Normal profit
B. Abnormal profit
C. Minimum loss
D. Abnormal loss
|
| 6 | If the equation is this, MC=MR=AR(P)<AC then the firm |
A. Earns normal profit
B. Earns abnormal profit
C. Bears loss
D. Bears abnormal loss
|
| 7 | When a firm earns abnormal profit in the short run, then its |
A. MC=MR=AR=AC all are equal
B. MC=MR=AR while AC is less
C. MC=MR=AR while AC is more
D. MC=MR=AR while AV is sometimes equal to them and sometimes less than tham
|
| 8 | If a monopolist wants to increase the sale of its product, it will have to --------- the price of its good |
A. Decrease
B. Increase
C. Keep constant
D. None of the three
|
| 9 | To increase profit a firm minimizes |
A. Revenues
B. Costs
C. Demand
D. Supply
|
| 10 | When total revenue and total cost of a firm are equal, the firm earns |
A. Abnormal profit
B. Normal profit
C. Normal loss
D. Abnormal loss
|
Test Questions