×
15th Chapter

## 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

#### ICS Part 1 Economics Chapter 15 Test

Start Chapter 15 Test

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

1 Normal profit is called normal because
• A. it is neither very high nor very low
• B. it is minimum acceptable to the producer
• C. it is minimum which buyer wants to pay
• D. it is maximum allowed by govt.
2 The necessary condition for equilibrium position of a firm is
• A. MR &gt; MC
• B. MC &gt; price
• C. MC = MR
• D. MC = AC
3 "The reward for a factor is determined by the marginal revenue product of the factor" . it was said by:
• A. J.M. Keynes
• B. Taussing
• C. Hansen
• D. Carver
4 How many condition of equilibrium of firm
• A. 2
• B. 3
• C. 4
• D. 5
5 The demand for a factor depends on its.
• A. MRP
• B. ARP
• C. MRP = ARP
• D. MRP &lt; ARP
6 The position of the firm when it is earning maximum of profit and Profit = Total Revenue - Total cost are called
• A. Perfect competition
• B. Under perfect competition
• C. Equilibrium of firm
• D. None of these
7 One of the following is not assumption of the marginal productivity theory.
• A. All factors of production are present substitutes of each other.
• B. Law of increasing return applies in the production process.
• C. There is perfect mobility of factor of production
• D. Units of each factors of production are identical
8 The shape of marginal revenue product (MRP) curve is
• A. Inverted U
• B. Steeper
• C. Flatter
• D. Positive
9 If a firm shuts down temporarily, it will incur loss equal to
• A. AFC
• B. AVC
• C. TFC
• D. TVC
10 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

Sort By:

## Find the best institute for yourself!

We need a few details from you to suggest you relevant institutes & create your free profile

## Online Personalities of Pakistan Quiz

##### 10 Questions
Start Quiz
X

to continue to ilmkidunya.com

X