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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
If the equation is this, MC=MR-AR(P)=AC, then the firm
Question # 2
A firm is in equilibrium when its
Question # 3
When average product is maximum, marginal product is:
Question # 4
According to neo classical approach, output is the function of:
Question # 5
Law of increasing return is also known as:
Question # 6
If a monopolist wants to increase the sale of its product, it will have to --------- the price of its good
Question # 7
Tendency of average revenue curve under monopoly is alwaus
Question # 8
A monopolist controls the supply
Question # 9
In monopoly, when total revenue of a firm is maximum, then its marginal revenue is
Question # 10
Which law is applicable when human and natural forces are balance ?
Question # 11
If the demand for commodity being produced increases, then a firm in the short run ------- its variable factors
Question # 12
To increase profit a firm minimizes
Question # 13
If the equation is this, MC=MR=AR(P)<AC then the firm
Question # 14
Firm earns abnormal profit, when
Question # 15
If the most part of total supply of commodity is produced by one firm, it 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 -
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 | When total revenue and total cost of a firm are equal, the firm earns |
A. Abnormal profit
B. Normal profit
C. Normal loss
D. Abnormal loss
|
| 2 | 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
|
| 3 | Under monopoly, number of firms is |
A. Large
B. Few
C. One
D. Two
|
| 4 | When total production increases, marginal product is: |
A. Positive
B. Negative
C. Zero
D. Infinite
|
| 5 | 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
|
| 6 | Monopolist firm in the long run |
A. Always faces loss
B. Usually faces loss
C. Usually earns normal profit
D. Always earns abnormal profit
|
| 7 | 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
|
| 8 | 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
|
| 9 | 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
|
| 10 | 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
|
Test Questions
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