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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
If there are large number of firms in some particular industry, then situation is called
Question # 2
One condition which is not included in perfect competition conditions
Question # 3
Under monopoly, marginal revenue is _____ of output
Question # 4
To increase profit a firm minimizes
Question # 5
A firm is in equilibrium when its
Question # 6
The difference between total revenue (TR) and total cost (TC) is called
Question # 7
Firm earns abnormal profit, when
Question # 8
Firm earns maximum profit at the point where
Question # 9
When a firm earns abnormal profit in the short run, then its
Question # 10
Shut down point appears, when
Question # 11
Law of diminishing return is more applicable in:
Question # 12
Under monopoly, number of firms is
Question # 13
When total revenue and total cost of a firm are equal, the firm earns
Question # 14
The formula of calculating total revenue is
Question # 15
When total production decreases, marginal product is:
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 Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Law of increasing return is also known as: |
A. Increasing cost
B. Constant cost
C. Diminishing cost
D. Both (a) and (c)
|
| 2 | 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
|
| 3 | 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
|
| 4 | Under monopoly, number of firms is |
A. Large
B. Few
C. One
D. Two
|
| 5 | If the most part of total supply of commodity is produced by one firm, it is called |
A. Oligopoly
B. Monopoly
C. Perfect competition
D. Monopolistic competition
|
| 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 | When average product increases, marginal product is: |
A. Also increases
B. Decreases
C. Zero
D. Negative
|
| 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 | 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
|
| 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