× 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 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 &gt; AR
• B. AC = AR
• C. AC&lt; AR
• D. AVC = AR
4 The necessary condition for equilibrium position of a firm is
• A. MC &gt; MR
• B. MC &gt; 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
• C. continue as before
6 Normal profit is attained where:
• A. TR = TC
• B. TR &gt;TC
• C. AR &gt; MR
• D. AR &lt; 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 &lt; AR = LMC &lt;LAC
• D. None of the three
9 A firm attains sub-normal profit when:
• A. AR = AC
• B. AR &lt; AC
• C. AR &gt; AC
• D. TR &lt; 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

Sort By:
X

to continue to ilmkidunya.com Fill the form. Our admission consultants will call you with admission options.

X

to continue to ilmkidunya.com

X

to continue to ilmkidunya.com

X