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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
Industry is in equilibrium under perfect competition in the long run, when every existing firm in the industry
Question # 2
Firm earns maximum profit at the point where
Question # 3
To increase profit a firm minimizes
Question # 4
What can a firm do in the short run
Question # 5
Under monopoly, number of firms is
Question # 6
When total production increases, marginal product is:
Question # 7
Law of increasing return is more applicable in:
Question # 8
When average product is maximum, marginal product is:
Question # 9
Monopolist firm in the long run
Question # 10
Law of constant return is also known as:
Question # 11
The difference between total revenue (TR) and total cost (TC) is called
Question # 12
If a monopolist wants to increase the sale of its product, it will have to --------- the price of its good
Question # 13
If the most part of total supply of commodity is produced by one firm, it is called
Question # 14
Shut down point appears, when
Question # 15
The formula of calculating total revenue 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 -
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 | Firms equilibrium is at that point where |
A. MC=AR
B. MC=MR
C. MC=AVC
D. MC=AC
|
| 2 | 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
|
| 3 | 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
|
| 4 | According to neo classical approach, output is the function of: |
A. Labour
B. Capital
C. Organization
D. Both (a) and (b)
|
| 5 | A monopolistic firm has control of |
A. Whole market supply by one firm
B. Whole market supply by two firms
C. Whole market supply by a few firms
D. None of these
|
| 6 | 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
|
| 7 | Usually elasticity of demand in equilibrium situation under monopoly is |
A. Equal than unity
B. Less than unity
C. more than unity
D. Zero
|
| 8 | When total production increases, marginal product is: |
A. Positive
B. Negative
C. Zero
D. Infinite
|
| 9 | Which law is applicable when human and natural forces are balance ? |
A. Increasing cost
B. Constant cost
C. Diminishing cost
D. Both (a) and (c)
|
| 10 | Under monopoly, number of firms is |
A. Large
B. Few
C. One
D. Two
|
Test Questions