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15th Chapter

ICS Part 1 Economics Chapter 15 MCQs Test

First Year Economics Chapter 15 Online MCQ Test for 1st Year Economics Chapter 15 (Equilibrium of Firm)

This online test contains MCQs about following topics:

Equilibrium in short run . Equilibrium in long run . Equilibrium of industry . Normal profit . Short run and long run equilibrium under monopoly . Evils of monopoly perfect competition Vs Monopoly

First Year Economics Chapter 15 Online MCQ Test for 1st Year Economics Chapter 15 (Equilibrium of Firm)

Sr. # Questions Answers Choice
1 The demand for a factor depends on its.
  • A. MRP
  • B. ARP
  • C. MRP = ARP
  • D. MRP < ARP
2 How many condition of equilibrium of firm
  • A. 2
  • B. 3
  • C. 4
  • D. 5
3 A firm should shut down in the short run if it is not covering its
  • A. variable cost
  • B. fixed cost
  • C. total cost
  • D. explicit cost
4 The shape of marginal revenue product (MRP) curve is
  • A. Inverted U
  • B. Steeper
  • C. Flatter
  • D. Positive
5 MRP curve of a firm represent demand curve of industry under.
  • A. Imperfect compitition
  • B. Monolopy
  • C. Oligopoly
  • D. Perfect competition
6 Marginal revenue recommended by symbol
  • A. MR
  • B. MC
  • C. AR
  • D. None of these
7 The correlation between average wage (AW) and marginal wage (MW) under perfect competition is .
  • A. AW = MW
  • B. AW > MW
  • C. AW < MW
  • D. None of the three
8 Marginal revenue is always less than price at all level of output in
  • A. perfect competition
  • B. monopoly
  • C. both a and b
  • D. none of the above
9 Choose the correct condition of equilibrium of firm
  • A. MC = MR
  • B. MC curve cuts MR curve from below
  • C. Both a and b
  • D. MC + MR - AR
10 The necessary condition for equilibrium position of a firm is
  • A. MR > MC
  • B. MC > price
  • C. MC = MR
  • D. MC = AC

Top Scorers of Economics Ics Part 1 English Medium Chapter 15 Online Test

T

Threem

Lahore09 - Aug - 2022

15/20
02 Mins 52 Sec

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