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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
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Question # 1
When a firm earns abnormal profit in the short run, then its
Question # 2
The formula of calculating total revenue is
Question # 3
Law of decreasing return is also known as:
Question # 4
According to neo classical approach, output is the function of:
Question # 5
Under monopoly, marginal revenue is _____ of output
Question # 6
If a monopolist wants to increase the sale of its product, it will have to --------- the price of its good
Question # 7
Industry is in equilibrium under perfect competition in the long run, when every existing firm in the industry
Question # 8
In monopoly, when total revenue of a firm is maximum, then its marginal revenue is
Question # 9
What can a firm do in the short run
Question # 10
If there are large number of firms in some particular industry, then situation is called
Question # 11
To increase profit a firm minimizes
Question # 12
If the demand for commodity being produced increases, then a firm in the short run ------- its variable factors
Question # 13
Law of constant return is also known as:
Question # 14
When total production decreases, marginal product is:
Question # 15
Shut down point appears, when
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 | When average product increases, marginal product is: |
A. Also increases
B. Decreases
C. Zero
D. Negative
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| 2 | 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
|
| 3 | Law of diminishing return is more applicable in: |
A. Trade sector
B. Industrial sector
C. Agricultural sector
D. Education sector
|
| 4 | One condition which is not included in perfect competition conditions |
A. Homogeneity of product
B. Difference in price
C. Large number of buyers and sellers
D. Perfect knowledge of the market
|
| 5 | Monopolist firm in the long run |
A. Always faces loss
B. Usually faces loss
C. Usually earns normal profit
D. Always earns abnormal profit
|
| 6 | The formula of calculating total revenue is |
A. P x Q
B. P x AC
C. AC x Q
D. TC / Q
|
| 7 | When average product is maximum, marginal product is: |
A. Positive
B. Equal to AP
C. Zero
D. Negative
|
| 8 | Law of increasing return is more applicable in: |
A. Trade sector
B. Industrial sector
C. Agricultural sector
D. Power sector
|
| 9 | A firm earns normal profit |
A. When price of the commodity is equal to average cost
B. When price of the commodity is more than average cost
C. When price of the commodity is less than average cost
D. When total revenue is more than total costs
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| 10 | 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
|
Test Questions