×
14th Chapter

ICS Part 1 Economics Chapter 14 MCQs Test

First Year Economics Chapter 14 Online MCQ Test for 1st Year Economics Chapter 14 (Maximization of Profit)

This online test contains MCQs about following topics:

Equilibrium of firm . TC - TR approch . MC - Mr approach

First Year Economics Chapter 14 Online MCQ Test for 1st Year Economics Chapter 14 (Maximization of Profit)

Sr. # Questions Answers Choice
1 A firm attains equilibrium under monopoly where:
  • A. AR = MR
  • B. AC = MC
  • C. MR = MC
  • D. AR = AC
2 When a competitive firm faces loss the slop of its MR curve is:
  • A. Negative
  • B. Positive
  • C. Zero
  • D. Unity
3 A firms reaches its shut down point where:
  • A. AC > AR
  • B. AC = AR
  • C. AC< AR
  • D. AVC = AR
4 The necessary condition for equilibrium position of a firm is
  • A. MC > MR
  • B. MC > price
  • C. MC = MR
  • D. MC = AC
5 If Bali burgers find that their MC of burgers is less than MR they would try to
  • A. expand business
  • B. reduce business
  • C. continue as before
  • D. close business
6 Normal profit is attained where:
  • A. TR = TC
  • B. TR >TC
  • C. AR > MR
  • D. AR < MR
7 A firm earns economic profit when total profit exceeds
  • A. normal profit
  • B. implicit costs
  • C. explicit costs
  • D. variable costs
8 A competitive firm is in equilibrium in the long-run where:
  • A. ME = AR = LMC = P
  • B. MR = AR = LMC = LAC
  • C. MR < AR = LMC <LAC
  • D. None of the three
9 A firm attains sub-normal profit when:
  • A. AR = AC
  • B. AR < AC
  • C. AR > AC
  • D. TR < TC
10 A monopoly firm is in equilibrium when
  • A. MC intersects AC
  • B. MC intersect MR
  • C. AC intersects AR
  • D. TC intersects TR

Share your comments questions here
Sort By:
X

Sign in

to continue to ilmkidunya.com

inquiry-image

Free Admission Advice

Fill the form. Our admission consultants will call you with admission options.

X

Sign in

to continue to ilmkidunya.com

X

Sign in

to continue to ilmkidunya.com

X

Forgot Password

to continue to ilmkidunya.com

X

Register Type

Please Provide following information to Register

  • Student
  • Tutor
  • Consultant
  • Employer