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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 variable costs of a firm are covered partly under perfect competition, then that firm
Question # 2
Firms equilibrium is at that point where
Question # 3
A monopolist firm usually earns
Question # 4
Industry is in equilibrium under perfect competition in the long run, when every existing firm in the industry
Question # 5
When a firm earns abnormal profit in the short run, then its
Question # 6
Law of decreasing return is also known as:
Question # 7
If the demand for commodity being produced increases, then a firm in the short run ------- its variable factors
Question # 8
The difference between total revenue (TR) and total cost (TC) is called
Question # 9
Under perfect competition, marginal revenue and average revenue curves
Question # 10
Shut down point appears, when
Question # 11
When total production is maximum, marginal product is:
Question # 12
When average product is maximum, marginal product is:
Question # 13
Law of constant return is also known as:
Question # 14
If a monopolist wants to increase the sale of its product, it will have to --------- the price of its good
Question # 15
Firm earns maximum profit at the point where
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 | 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
|
| 2 | 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
|
| 3 | 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
|
| 4 | Law of decreasing return is also known as: |
A. Increasing cost
B. Constant cost
C. Diminishing cost
D. Both (a) and (c)
|
| 5 | Monopoly is opposite to |
A. Perfect competition
B. Imperfect competition
C. Perfect competition and imperfect competition both
D. Oligopoly
|
| 6 | What can a firm do in the short run |
A. Firm can increase its plants
B. Firm can expand its building
C. New firm can not enter the business
D. New firm can enter the business
|
| 7 | The difference between total revenue (TR) and total cost (TC) is called |
A. Loss
B. Profit
C. Profit or loss
D. Utility
|
| 8 | 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
|
| 9 | When total production increases, marginal product is: |
A. Positive
B. Negative
C. Zero
D. Infinite
|
| 10 | Under monopoly, in the long run a firm |
A. Earns normal profit
B. Earns abnormal profit
C. Bears minimum loss
D. Bears abnormal loss
|
Test Questions