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## 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

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

1 The necessary condition for equilibrium of firm is
• A. AVC = AFC
• B. AR = MR
• C. MC = MR
• D. TVC = TFC
2 We establish ______ conditions for equilibrium
• A. 2
• B. 3
• C. 4
• D. 5
3 A firms reaches its shut down point where:
• A. AC &gt; AR
• B. AC = AR
• C. AC&lt; AR
• D. AVC = AR
4 The basic goal of a firm is to
• A. maximize revenues
• B. maximize employees' welfare
• C. maximize profit
• D. maximize output
5 Choose the correct establish condition for equilibrium
• A. MR = MC
• B. MC intersects MR curve from below
• C. MC + MR
• D. Both a and b
6 A firm decides to shut down production temporarily when
• A. MC start rising
• B. AC stat rising
• C. price = AC
• D. price falls below AVC
7 If Bali burgers find that their MC of burgers is less than MR they would try to
• C. continue as before
8 An economic unit, which is independent to take decisions regarding the production and sale of goods are called
• A. Firm
• B. Organization
• C. Both a and b
• D. None of these
9 In the long run under perfect competition a firm produces at a point where
• A. LAC is minimum
• B. SAC is minimum
• C. both LAC and SAC are minimum
• D. none is minimum
10 A firm attains sub-normal profit when:
• A. AR = AC
• B. AR &lt; AC
• C. AR &gt; AC
• D. TR &lt; TC

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