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
When total production is maximum, marginal product is:
Question # 2
Industry is in equilibrium under perfect competition in the long run, when every existing firm in the industry
Question # 3
Under monopoly, number of firms is
Question # 4
A firm is in equilibrium when its
Question # 5
If the most part of total supply of commodity is produced by one firm, it is called
Question # 6
If a monopolist wants to increase the sale of its product, it will have to --------- the price of its good
Question # 7
Law of increasing return is more applicable in:
Question # 8
Under perfect competition, marginal revenue and average revenue curves
Question # 9
A monopolistic firm has control of
Question # 10
When total revenue and total cost of a firm are equal, the firm earns
Question # 11
What can a firm do in the short run
Question # 12
Under monopoly, marginal revenue is _____ of output
Question # 13
If the equation is this, MC=MR-AR(P)=AC, then the firm
Question # 14
When total production increases, marginal product is:
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
-
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 | Law of increasing return is also known as: |
A. Increasing cost
B. Constant cost
C. Diminishing cost
D. Both (a) and (c)
|
| 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 | 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
|
| 4 | A monopolist firm usually earns |
A. Normal profit
B. Abnormal profit
C. Minimum loss
D. Abnormal loss
|
| 5 | Law of increasing return is more applicable in: |
A. Trade sector
B. Industrial sector
C. Agricultural sector
D. Power sector
|
| 6 | 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
|
| 7 | If the equation is this, MC=MR-AR(P)=AC, then the firm |
A. Earns normal profit
B. Earns abnormal profit
C. Bears minimum loss
D. Bears abnormal loss
|
| 8 | A monopolist controls the supply |
A. Totally
B. Partially
C. More
D. Not at all
|
| 9 | Monopoly is opposite to |
A. Perfect competition
B. Imperfect competition
C. Perfect competition and imperfect competition both
D. Oligopoly
|
| 10 | Under monopoly, marginal revenue is _____ of output |
A. Decreasing function
B. Increasing function
C. Quadratic function
D. Cubic function
|
Test Questions