Home
News
Colleges
Courses
Admission
Lectures
Online Test
Past Papers
Date Sheets
Results
Study Abroad
Jobs
Tutors
More
Apps
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"
-
Total Questions15
-
Time Allowed20
Principles of Economics Icom Part 1 English Medium Chapter 7 Online Test
00:00
Question # 1
What can a firm do in the short run
Question # 2
In monopoly, when total revenue of a firm is maximum, then its marginal revenue is
Question # 3
Which law is applicable when human and natural forces are balance ?
Question # 4
Law of diminishing return is more applicable in:
Question # 5
To increase profit a firm minimizes
Question # 6
When total production is maximum, marginal product is:
Question # 7
Tendency of average revenue curve under monopoly is alwaus
Question # 8
Under perfect competition, marginal revenue and average revenue curves
Question # 9
Firm earns abnormal profit, when
Question # 10
Industry is in equilibrium under perfect competition in the long run, when every existing firm in the industry
Question # 11
When average product is maximum, marginal product is:
Question # 12
Under perfect competition in the long run a firm
Question # 13
A monopolist controls the supply
Question # 14
If there are large number of firms in some particular industry, then situation is called
Question # 15
A monopolistic firm has control 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
-
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 | Under monopoly, number of firms is |
A. Large
B. Few
C. One
D. Two
|
| 2 | When total production decreases, marginal product is: |
A. Positive
B. Negative
C. Zero
D. Infinite
|
| 3 | 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
|
| 4 | Laws of returns are also known as: |
A. Laws of substitution
B. Laws of consumption
C. Laws of cost
D. All of three
|
| 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 average product increases, marginal product is: |
A. Also increases
B. Decreases
C. Zero
D. Negative
|
| 7 | 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
|
| 8 | 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
|
| 9 | Law of decreasing return is also known as: |
A. Increasing cost
B. Constant cost
C. Diminishing cost
D. Both (a) and (c)
|
| 10 | 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
|
Test Questions
Share your comments & questions here
Please sign in to post a comment
No comments yet. Be the first to comment!