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14th Chapter

## 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

#### ICS Part 1 Economics Chapter 14 Test

Start Chapter 14 Test

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

1 A firm earns economic profit when total profit exceeds
• A. normal profit
• B. implicit costs
• C. explicit costs
• D. variable costs
2 TR increase at a constant rate under:
• A. monopoly
• B. Monopolistic
• C. Perfect competition
• D. Oligopoly
3 When a competitive firm faces loss the slop of its MR curve is:
• A. Negative
• B. Positive
• C. Zero
• D. Unity
4 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
5 Total cost = Total variable cost in the.
• A. Marked period
• B. Short run
• C. Long run
• D. None of the three
6 We establish ______ conditions for equilibrium
• A. 2
• B. 3
• C. 4
• D. 5
7 If Bali burgers find that their MC of burgers is less than MR they would try to
• C. continue as before
8 In the long-run a competitive firms attains only:<div><br></div>
• A. Normal profit
• B. Super Normal profit
• C. Sub-Normal profit
• D. Marginal cost
9 profit is a maximum when
• A. TC and TR curves are parallel
• B. MC and MR curves are parallel
• C. AC and AR curves are parallel
• D. TFC and TVC are parallel
10 Economic profit is
• A. part of total cost
• B. total revenue minus total cost
• C. total revenue minus variable cost
• D. total variable cost minus total fixed cost

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