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 average product increases, marginal product is:
Question # 2
Law of increasing return is also known as:
Question # 3
Law of increasing return is more applicable in:
Question # 4
Which law is applicable when human and natural forces are balance ?
Question # 5
Law of decreasing return is also known as:
Question # 6
Under monopoly, marginal revenue is _____ of output
Question # 7
When total revenue and total cost of a firm are equal, the firm earns
Question # 8
A firm is in equilibrium when its
Question # 9
Till marginal cost curve remains below the marginal revenue curve, from the economic point of view, increase in production for a firm is
Question # 10
A monopolist controls the supply
Question # 11
Law of diminishing return is more applicable in:
Question # 12
Shut down point appears, when
Question # 13
In monopoly, when total revenue of a firm is maximum, then its marginal revenue is
Question # 14
A monopolistic firm has control of
Question # 15
According to neo classical approach, output is the function of:
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 | When total production decreases, marginal product is: |
A. Positive
B. Negative
C. Zero
D. Infinite
|
| 2 | Under monopoly, in the long run a firm |
A. Earns normal profit
B. Earns abnormal profit
C. Bears minimum loss
D. Bears abnormal loss
|
| 3 | 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
|
| 4 | Shut down point appears, when |
A. AVC=AR
B. AVC>AR
C. AVC<AR
D. AC=AR
|
| 5 | 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
|
| 6 | A monopolist firm usually earns |
A. Normal profit
B. Abnormal profit
C. Minimum loss
D. Abnormal 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 | Law of decreasing return is also known as: |
A. Increasing cost
B. Constant cost
C. Diminishing cost
D. Both (a) and (c)
|
| 9 | 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
|
| 10 | The difference between total revenue (TR) and total cost (TC) is called |
A. Loss
B. Profit
C. Profit or loss
D. Utility
|
Test Questions