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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
Firm earns maximum profit at the point where
Question # 2
Law of diminishing return is more applicable in:
Question # 3
Under perfect competition, marginal revenue and average revenue curves
Question # 4
The formula of calculating total revenue is
Question # 5
Which law is applicable when human and natural forces are balance ?
Question # 6
Law of constant return is also known as:
Question # 7
Firm earns abnormal profit, when
Question # 8
Till marginal cost curve remains below the marginal revenue curve, from the economic point of view, increase in production for a firm is
Question # 9
Firms equilibrium is at that point where
Question # 10
One condition which is not included in perfect competition conditions
Question # 11
When a firm earns abnormal profit in the short run, then its
Question # 12
A firm is in equilibrium when its
Question # 13
Under monopoly, number of firms is
Question # 14
If the most part of total supply of commodity is produced by one firm, it is called
Question # 15
What can a firm do in the short run
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 -
R Ramsha Faisal 18 - Apr - 2021 04 Min 22 Sec 9/15
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Shut down point appears, when |
A. AVC=AR
B. AVC>AR
C. AVC<AR
D. AC=AR
|
| 2 | In monopoly, when total revenue of a firm is maximum, then its marginal revenue is |
A. Maximum
B. Minimum
C. Zero
D. Negative
|
| 3 | What can a firm do in the short run |
A. Firm can increase its plants
B. Firm can expand its building
C. New firm can not enter the business
D. New firm can enter the business
|
| 4 | The difference between total revenue (TR) and total cost (TC) is called |
A. Loss
B. Profit
C. Profit or loss
D. Utility
|
| 5 | Law of diminishing return is more applicable in: |
A. Trade sector
B. Industrial sector
C. Agricultural sector
D. Education sector
|
| 6 | Law of decreasing return is also known as: |
A. Increasing cost
B. Constant cost
C. Diminishing cost
D. Both (a) and (c)
|
| 7 | When total production increases, marginal product is: |
A. Positive
B. Negative
C. Zero
D. Infinite
|
| 8 | 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
|
| 9 | Speed of increase in total revenue remains equal with the increase in output |
A. Under monopoly
B. Under oligopoly
C. Under perfect competition
D. Under pure competition
|
| 10 | When total production decreases, marginal product is: |
A. Positive
B. Negative
C. Zero
D. Infinite
|
| 11 | 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
|
| 12 | Law of constant return is also known as: |
A. Increasing cost
B. Constant cost
C. Diminishing cost
D. Both (a) and (c)
|
| 13 | 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
|
| 14 | 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
|
| 15 | 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
|
Test Questions
