12th Chapter

ICS Part 1 Economics Chapter 12 MCQs Test

First Year Economics Chapter 12 Online MCQ Test for 1st Year Economics Chapter 12 (Market and Revenue Analysis)

This online test contains MCQs about following topics:

Kind of markets . Perfect and imperfect market . Perfect competition . Monopolu . Revenue curves

ICS Part 1 Economics Chapter 12 Test

Start Chapter 12 Test

First Year Economics Chapter 12 Online MCQ Test for 1st Year Economics Chapter 12 (Market and Revenue Analysis)

Sr. # Questions Answers Choice
1 Which of the following is one of the assumptions of perfect competition.
  • A. few buyers and few sellers
  • B. many buyers and few sellers
  • C. many buyers and many sellers
  • D. all sellers and buyers are honest
2 The supply curve of day to day market is.
  • A. Touching the horizontal axis
  • B. Touching the vertical axis
  • C. Perfactly elastic
  • D. Perfactly inelastic
3 A monopolist is always interested and obtains.
  • A. Normal profit
  • B. Subnormal profit
  • C. Continues production even at loss
  • D. Super normal profit
4 Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called
  • A. Revenue curve under perfect competition
  • B. Monopoly curve
  • C. Total revenue curve
  • D. None of these
5 A short period market is the market of.
  • A. Perishable goods
  • B. Durable goods
  • C. Consumer goods
  • D. Capital goods
6 The extent of market depends upon
  • A. Means of transport and communication
  • B. Political instability
  • C. Economics instability
  • D. Trade restriction
7 Stock exchange is market where we can buy:
  • A. Shares
  • B. Foreign exchange
  • C. Factors of production
  • D. Consumer goods
8 Marginal revenue is always less than price at all levels of output in
  • A. perfect competition
  • B. monopoly
  • C. both A and B
  • D. none of the above
9 When marginal revenue is zero, total revenue is
  • A. maximum
  • B. minimum
  • C. zero
  • D. decreasing
10 Under perfect competition MR and AR curves
  • A. are the same
  • B. are different
  • C. intersect each other
  • D. are parallel

Top Scorers of Economics Ics Part 1 English Medium Chapter 12 Online Test

F

FATIKA QAZI

Lahore11 - Jun - 2025

10/20
03 Mins 34 Sec

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