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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.

First Year Principles of Economics Chapter 7 Online MCQ Test for 1st Year Principles of Economics Chapter 7 (Price and Output Determination)

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
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First Year Principles of Economics Chapter 7 Online MCQ Test for 1st Year Principles of Economics Chapter 7 (Price and Output Determination)

Sr. # Questions Answers Choice
1 According to neo classical approach, output is the function of:
  • A. Labour
  • B. Capital
  • C. Organization
  • D. Both (a) and (b)
2 Under perfect competition, marginal revenue and average revenue curves
  • A. Moves from left to right upward
  • B. Moves from left to right downward
  • C. Remain parallel to x-axis
  • D. Remain parallel to y-axis
3 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
4 The formula of calculating total revenue is
  • A. P x Q
  • B. P x AC
  • C. AC x Q
  • D. TC / Q
5 When total production is maximum, marginal product is:
  • A. Positive
  • B. Negative
  • C. Zero
  • D. Infinite
6 In monopoly, when total revenue of a firm is maximum, then its marginal revenue is
  • A. Maximum
  • B. Minimum
  • C. Zero
  • D. Negative
7 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
8 If there are large number of firms in some particular industry, then situation is called
  • A. Perfect competition
  • B. Imperfect competition
  • C. Monopoly
  • D. Monopolistic competition
9 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
10 When total production increases, marginal product is:
  • A. Positive
  • B. Negative
  • C. Zero
  • D. Infinite

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