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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
When total production increases, marginal product is:
Question # 2
According to neo classical approach, output is the function of:
Question # 3
Monopoly is opposite to
Question # 4
One condition which is not included in perfect competition conditions
Question # 5
Law of increasing return is also known as:
Question # 6
A monopolist firm usually earns
Question # 7
To increase profit a firm minimizes
Question # 8
When total production decreases, marginal product is:
Question # 9
Firm earns abnormal profit, when
Question # 10
The formula of calculating total revenue is
Question # 11
What can a firm do in the short run
Question # 12
If the demand for commodity being produced increases, then a firm in the short run ------- its variable factors
Question # 13
If a monopolist wants to increase the sale of its product, it will have to --------- the price of its good
Question # 14
Which law is applicable when human and natural forces are balance ?
Question # 15
If there are large number of firms in some particular industry, then situation is called
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 Principles of Economics ( English Medium) Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Monopolist firm in the long run |
A. Always faces loss
B. Usually faces loss
C. Usually earns normal profit
D. Always earns abnormal profit
|
| 2 | 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
|
| 3 | Firms equilibrium is at that point where |
A. MC=AR
B. MC=MR
C. MC=AVC
D. MC=AC
|
| 4 | If variable costs of a firm are covered partly under perfect competition, then that firm |
A. Will run with normal profit
B. Will run with abnormal profit
C. Will run with minimum loss
D. Will not continue its business and close down
|
| 5 | Industry is in equilibrium under perfect competition in the long run, when every existing firm in the industry |
A. Is earning abnormal profit
B. Is earning normal profit
C. Is facing minimum loss
D. Is facing abnormal loss
|
| 6 | 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
|
| 7 | 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
|
| 8 | Under monopoly, in the long run a firm |
A. Earns normal profit
B. Earns abnormal profit
C. Bears minimum loss
D. Bears abnormal loss
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| 9 | When average product increases, marginal product is: |
A. Also increases
B. Decreases
C. Zero
D. Negative
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| 10 | 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
|
Test Questions