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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
Firm earns abnormal profit, when
Question # 2
A firm earns normal profit
Question # 3
When a firm earns abnormal profit in the short run, then its
Question # 4
If the equation is this, MC=MR-AR(P)=AC, then the firm
Question # 5
A monopolistic firm has control of
Question # 6
Firms equilibrium is at that point where
Question # 7
Law of diminishing return is more applicable in:
Question # 8
According to neo classical approach, output is the function of:
Question # 9
When total revenue and total cost of a firm are equal, the firm earns
Question # 10
Under perfect competition, marginal revenue and average revenue curves
Question # 11
Under perfect competition in the long run a firm
Question # 12
If the demand for commodity being produced increases, then a firm in the short run ------- its variable factors
Question # 13
The difference between total revenue (TR) and total cost (TC) is called
Question # 14
Tendency of average revenue curve under monopoly is alwaus
Question # 15
Monopolist firm in the long run
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 in the long run a firm |
A. Always earns abnormal profit
B. Always earns normal profit
C. Usually earns abnormal profit
D. Usually faces loss
|
| 2 | 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
|
| 3 | Usually elasticity of demand in equilibrium situation under monopoly is |
A. Equal than unity
B. Less than unity
C. more than unity
D. Zero
|
| 4 | When total production decreases, marginal product is: |
A. Positive
B. Negative
C. Zero
D. Infinite
|
| 5 | 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
|
| 6 | When total production increases, marginal product is: |
A. Positive
B. Negative
C. Zero
D. Infinite
|
| 7 | Speed of increase in total revenue remains equal with the increase in output |
A. Under monopoly
B. Under oligopoly
C. Under perfect competition
D. Under pure competition
|
| 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 | Firm earns abnormal profit, when |
A. AC=AR
B. AR>AC
C. AR<AC
D. AC=MC
|
| 10 | The difference between total revenue (TR) and total cost (TC) is called |
A. Loss
B. Profit
C. Profit or loss
D. Utility
|
Test Questions