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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
Law of constant return is also known as:
Question # 2
Firm earns abnormal profit, when
Question # 3
Law of increasing return is also known as:
Question # 4
If the demand for commodity being produced increases, then a firm in the short run ------- its variable factors
Question # 5
Law of decreasing return is also known as:
Question # 6
Shut down point appears, when
Question # 7
A monopolist firm usually earns
Question # 8
Usually elasticity of demand in equilibrium situation under monopoly is
Question # 9
When total production increases, marginal product is:
Question # 10
Monopoly is opposite to
Question # 11
Law of increasing return is more applicable in:
Question # 12
When total production is maximum, marginal product is:
Question # 13
When total revenue and total cost of a firm are equal, the firm earns
Question # 14
When average product is maximum, marginal product is:
Question # 15
According to neo classical approach, output is the function of:
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 | Law of constant return is also known as: |
A. Increasing cost
B. Constant cost
C. Diminishing cost
D. Both (a) and (c)
|
| 2 | Firm earns maximum profit at the point where |
A. Difference between total costs and total revenue is highest and the total revenue curve is above
B. Total costs and total revenue curves intersect each other
C. Total costs curve is above the total revenue curve
D. Difference between total costs and total revenue is minimum
|
| 3 | If the equation is this, MC=MR=AR(P)<AC then the firm |
A. Earns normal profit
B. Earns abnormal profit
C. Bears loss
D. Bears abnormal loss
|
| 4 | To increase profit a firm minimizes |
A. Revenues
B. Costs
C. Demand
D. Supply
|
| 5 | When average product increases, marginal product is: |
A. Also increases
B. Decreases
C. Zero
D. Negative
|
| 6 | Under monopoly, number of firms is |
A. Large
B. Few
C. One
D. Two
|
| 7 | Under monopoly, in the long run a firm |
A. Earns normal profit
B. Earns abnormal profit
C. Bears minimum loss
D. Bears abnormal loss
|
| 8 | Usually elasticity of demand in equilibrium situation under monopoly is |
A. Equal than unity
B. Less than unity
C. more than unity
D. Zero
|
| 9 | 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
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| 10 | When a firm earns abnormal profit in the short run, then its |
A. MC=MR=AR=AC all are equal
B. MC=MR=AR while AC is less
C. MC=MR=AR while AC is more
D. MC=MR=AR while AV is sometimes equal to them and sometimes less than tham
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Test Questions
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