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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
A firm is in equilibrium when its
Question # 2
When total production is maximum, marginal product is:
Question # 3
When total production decreases, marginal product is:
Question # 4
Till marginal cost curve remains below the marginal revenue curve, from the economic point of view, increase in production for a firm is
Question # 5
Under monopoly, number of firms is
Question # 6
In monopoly, when total revenue of a firm is maximum, then its marginal revenue is
Question # 7
Under perfect competition, marginal revenue and average revenue curves
Question # 8
Under perfect competition in the long run a firm
Question # 9
Firm earns maximum profit at the point where
Question # 10
The formula of calculating total revenue is
Question # 11
Law of diminishing return is more applicable in:
Question # 12
Firm earns abnormal profit, when
Question # 13
A firm earns normal profit
Question # 14
According to neo classical approach, output is the function of:
Question # 15
Law of constant return is also known as:
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 | Monopolist firm in the long run |
A. Always faces loss
B. Usually faces loss
C. Usually earns normal profit
D. Always earns abnormal profit
|
| 2 | Law of increasing return is also known as: |
A. Increasing cost
B. Constant cost
C. Diminishing cost
D. Both (a) and (c)
|
| 3 | If variable costs of a firm are covered partly under perfect competition, then that firm |
A. Will run with normal profit
B. Will run with abnormal profit
C. Will run with minimum loss
D. Will not continue its business and close down
|
| 4 | To increase profit a firm minimizes |
A. Revenues
B. Costs
C. Demand
D. Supply
|
| 5 | 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
|
| 6 | Law of diminishing return is more applicable in: |
A. Trade sector
B. Industrial sector
C. Agricultural sector
D. Education sector
|
| 7 | Firm earns abnormal profit, when |
A. AC=AR
B. AR>AC
C. AR<AC
D. AC=MC
|
| 8 | A monopolist controls the supply |
A. Totally
B. Partially
C. More
D. Not at all
|
| 9 | When total production decreases, marginal product is: |
A. Positive
B. Negative
C. Zero
D. Infinite
|
| 10 | 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
|
Test Questions
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