Home
News
Colleges
Courses
Admission
Lectures
Online Test
Past Papers
Date Sheets
Results
Study Abroad
Jobs
Tutors
More
Apps
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
To increase profit a firm minimizes
Question # 2
Firm earns maximum profit at the point where
Question # 3
When average product increases, marginal product is:
Question # 4
If the demand for commodity being produced increases, then a firm in the short run ------- its variable factors
Question # 5
Tendency of average revenue curve under monopoly is alwaus
Question # 6
In monopoly, when total revenue of a firm is maximum, then its marginal revenue is
Question # 7
When total production increases, marginal product is:
Question # 8
Usually elasticity of demand in equilibrium situation under monopoly is
Question # 9
If there are large number of firms in some particular industry, then situation is called
Question # 10
When a firm earns abnormal profit in the short run, then its
Question # 11
If the equation is this, MC=MR=AR(P)<AC then the firm
Question # 12
Under monopoly, number of firms is
Question # 13
Under perfect competition, marginal revenue and average revenue curves
Question # 14
Under monopoly, marginal revenue is _____ of output
Question # 15
Speed of increase in total revenue remains equal with the increase in output
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 -
R Ramsha Faisal 18 - Apr - 2021 04 Min 22 Sec 9/15
ICom Part 1 Principles of Economics ( English Medium) Chapter 7 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Tendency of average revenue curve under monopoly is alwaus |
A. Falls down
B. Parallel to x-axis
C. Rises up
D. Parallel to y-axis
|
| 2 | To increase profit a firm minimizes |
A. Revenues
B. Costs
C. Demand
D. Supply
|
| 3 | Law of increasing return is also known as: |
A. Increasing cost
B. Constant cost
C. Diminishing cost
D. Both (a) and (c)
|
| 4 | 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
|
| 5 | When total production decreases, marginal product is: |
A. Positive
B. Negative
C. Zero
D. Infinite
|
| 6 | The difference between total revenue (TR) and total cost (TC) is called |
A. Loss
B. Profit
C. Profit or loss
D. Utility
|
| 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 | Firms equilibrium is at that point where |
A. MC=AR
B. MC=MR
C. MC=AVC
D. MC=AC
|
| 9 | Law of constant return is also known as: |
A. Increasing cost
B. Constant cost
C. Diminishing cost
D. Both (a) and (c)
|
| 10 | Monopolist firm in the long run |
A. Always faces loss
B. Usually faces loss
C. Usually earns normal profit
D. Always earns abnormal profit
|
Test Questions
