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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
When average product is maximum, marginal product is:
Question # 2
A monopolist controls the supply
Question # 3
Firms equilibrium is at that point where
Question # 4
When total revenue and total cost of a firm are equal, the firm earns
Question # 5
Shut down point appears, when
Question # 6
When total production decreases, marginal product is:
Question # 7
If there are large number of firms in some particular industry, then situation is called
Question # 8
Which law is applicable when human and natural forces are balance ?
Question # 9
To increase profit a firm minimizes
Question # 10
Laws of returns are also known as:
Question # 11
In monopoly, when total revenue of a firm is maximum, then its marginal revenue is
Question # 12
If variable costs of a firm are covered partly under perfect competition, then that firm
Question # 13
A firm is in equilibrium when its
Question # 14
A monopolistic firm has control of
Question # 15
When total production is maximum, marginal product is:
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 -
R Ramsha Faisal 18 - Apr - 2021 04 Min 22 Sec 9/15
ICom Part 1 Principles of Economics ( English Medium) Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Law of decreasing return is also known as: |
A. Increasing cost
B. Constant cost
C. Diminishing cost
D. Both (a) and (c)
|
| 2 | Laws of returns are also known as: |
A. Laws of substitution
B. Laws of consumption
C. Laws of cost
D. All of three
|
| 3 | To increase profit a firm minimizes |
A. Revenues
B. Costs
C. Demand
D. Supply
|
| 4 | Till marginal cost curve remains below the marginal revenue curve, from the economic point of view, increase in production for a firm is |
A. Beneficial
B. Unbeneficial
C. May be beneficial or unbeneficial
D. Neither beneficial nor unbeneficial
|
| 5 | 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
|
| 6 | If the demand for commodity being produced increases, then a firm in the short run ------- its variable factors |
A. Increases
B. Decreases
C. Keeps the same
D. None of three
|
| 7 | 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
|
| 8 | Law of constant return is also known as: |
A. Increasing cost
B. Constant cost
C. Diminishing cost
D. Both (a) and (c)
|
| 9 | What can a firm do in the short run |
A. Firm can increase its plants
B. Firm can expand its building
C. New firm can not enter the business
D. New firm can enter the business
|
| 10 | Usually elasticity of demand in equilibrium situation under monopoly is |
A. Equal than unity
B. Less than unity
C. more than unity
D. Zero
|
Test Questions
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