Home
News
Colleges
Courses
Admission
Lectures
Online Test
Past Papers
Date Sheets
Results
Study Abroad
Jobs
Tutors
More
Apps
.jpg)
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
A firm earns normal profit
Question # 2
One condition which is not included in perfect competition conditions
Question # 3
Firm earns abnormal profit, when
Question # 4
Law of constant return is also known as:
Question # 5
When total revenue and total cost of a firm are equal, the firm earns
Question # 6
Under monopoly, in the long run a firm
Question # 7
Law of diminishing return is more applicable in:
Question # 8
If the equation is this, MC=MR=AR(P)<AC then the firm
Question # 9
According to neo classical approach, output is the function of:
Question # 10
Till marginal cost curve remains below the marginal revenue curve, from the economic point of view, increase in production for a firm is
Question # 11
If there are large number of firms in some particular industry, then situation is called
Question # 12
What can a firm do in the short run
Question # 13
Law of decreasing return is also known as:
Question # 14
Industry is in equilibrium under perfect competition in the long run, when every existing firm in the industry
Question # 15
Monopoly is opposite to
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 -
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 | A monopolist firm usually earns |
A. Normal profit
B. Abnormal profit
C. Minimum loss
D. Abnormal loss
|
| 2 | If the demand for commodity being produced increases, then a firm in the short run ------- its variable factors |
A. Increases
B. Decreases
C. Keeps the same
D. None of three
|
| 3 | Under monopoly, number of firms is |
A. Large
B. Few
C. One
D. Two
|
| 4 | When average product increases, marginal product is: |
A. Also increases
B. Decreases
C. Zero
D. Negative
|
| 5 | Under monopoly, marginal revenue is _____ of output |
A. Decreasing function
B. Increasing function
C. Quadratic function
D. Cubic function
|
| 6 | Law of increasing return is also known as: |
A. Increasing cost
B. Constant cost
C. Diminishing cost
D. Both (a) and (c)
|
| 7 | 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
|
| 8 | 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
|
| 9 | 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
|
| 10 | Tendency of average revenue curve under monopoly is alwaus |
A. Falls down
B. Parallel to x-axis
C. Rises up
D. Parallel to y-axis
|
Test Questions