×
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 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
2 There are large number of seller and buyers in the market but none is able to influence market price. such a market is called
  • A. free
  • B. open
  • C. regular
  • D. competitive
3 A monopoly firm is in equilibrium when
  • A. MC intersects AC
  • B. MC intersect MR
  • C. AC intersects AR
  • D. TC intersects TR
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 Total cost = Total variable cost in the.
  • A. Marked period
  • B. Short run
  • C. Long run
  • D. None of the three
6 Profit = ?
  • A. TR - TC
  • B. TR - MC
  • C. TC - MC
  • D. TR + TC
7 The necessary condition for equilibrium position of a firm is
  • A. MC > MR
  • B. MC > price
  • C. MC = MR
  • D. MC = AC
8 A firm attains sub-normal profit when:
  • A. AR = AC
  • B. AR < AC
  • C. AR > AC
  • D. TR < TC
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 A firm attains sub-normal profit under perfect competition when its:
  • A. AR = P (Price)
  • B. AR < P
  • C. AC = P
  • D. AC < P

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

T

Threem

Lahore09 - Aug - 2022

12/20
03 Mins 44 Sec

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