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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
Usually elasticity of demand in equilibrium situation under monopoly is
Question # 2
Tendency of average revenue curve under monopoly is alwaus
Question # 3
A monopolistic firm has control of
Question # 4
Till marginal cost curve remains below the marginal revenue curve, from the economic point of view, increase in production for a firm is
Question # 5
Laws of returns are also known as:
Question # 6
To increase profit a firm minimizes
Question # 7
If the demand for commodity being produced increases, then a firm in the short run ------- its variable factors
Question # 8
Law of diminishing return is more applicable in:
Question # 9
If the most part of total supply of commodity is produced by one firm, it is called
Question # 10
Under monopoly, marginal revenue is _____ of output
Question # 11
When average product is maximum, marginal product is:
Question # 12
Law of decreasing return is also known as:
Question # 13
The difference between total revenue (TR) and total cost (TC) is called
Question # 14
According to neo classical approach, output is the function of:
Question # 15
Under perfect competition in the long run a firm
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 -
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N Naveera 25 - May - 2021 04 Min 02 Sec 12/15 -
M Maryam Ghaffar 11 - Jul - 2021 04 Min 50 Sec 12/15 -
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N niimra naeem 03 - Nov - 2018 04 Min 50 Sec 11/15 -
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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 | 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
|
| 2 | When total production decreases, marginal product is: |
A. Positive
B. Negative
C. Zero
D. Infinite
|
| 3 | 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
|
| 4 | Under monopoly, marginal revenue is _____ of output |
A. Decreasing function
B. Increasing function
C. Quadratic function
D. Cubic function
|
| 5 | 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
|
| 6 | According to neo classical approach, output is the function of: |
A. Labour
B. Capital
C. Organization
D. Both (a) and (b)
|
| 7 | If a monopolist wants to increase the sale of its product, it will have to --------- the price of its good |
A. Decrease
B. Increase
C. Keep constant
D. None of the three
|
| 8 | When total production increases, marginal product is: |
A. Positive
B. Negative
C. Zero
D. Infinite
|
| 9 | 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
|
| 10 | 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
|
Test Questions