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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 Normal profit is
  • A. part of total cost
  • B. part of economic profit
  • C. part of fixed cost
  • D. total revenue minus total cost
2 A firm earns economic profit when total profit exceeds
  • A. normal profit
  • B. implicit costs
  • C. explicit costs
  • D. variable costs
3 A firm attains equilibrium under monopoly where:
  • A. AR = MR
  • B. AC = MC
  • C. MR = MC
  • D. AR = AC
4 When MR = MC , a firm.
  • A. Does not attain a equilibrium position
  • B. Suffers from loss
  • C. Attains its equilibrium position
  • D. Attains profit
5 A firm attains sub-normal profit under perfect competition when its:
  • A. AR = P (Price)
  • B. AR < P
  • C. AC = P
  • D. AC < P
6 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
7 We establish ______ conditions for equilibrium
  • A. 2
  • B. 3
  • C. 4
  • D. 5
8 Under monopoly the price is always equal to:
  • A. AR
  • B. MR
  • C. MC
  • D. AVC
9 Profit is maximum when
  • A. distance between TR and TC is maximum
  • B. distance between AR and AC is maximum
  • C. distance between MR and MC is maximum
  • D. distance between MR and AR is maximum
10 When TR of a competitive firm is equal to its TC, the firm attains.
  • A. Normal profit
  • B. Super normal profit
  • C. Sub-normal profit
  • D. Shutdown point

Top Scorers of Economics Ics Part 1 English Medium Chapter 14 Online Test

H

Half_ Angel

Lahore16 - Feb - 2024

14/20
02 Mins 05 Sec
M

M.Attiq-U-Rehman

Lahore25 - Nov - 2023

13/20
03 Mins 44 Sec

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