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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 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
2 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
3 A market competition from in which there are very large number of firms producing a homogeneous commodity are called
• A. Perfect competition
• B. Equilibrium of firm
• C. Under perfect competition
• D. None of these
4 Total profit = ?
• A. Per unit profit x output
• B. Per unit profit x input
• C. Per unit profit + output
• D. per unit profit - input
5 How many condition of equilibrium of firm
• A. 2
• B. 3
• C. 4
• D. 5
6 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
7 Marginal revenue of a monopolist is
• A. equal to price
• B. greater than price
• C. less than price
• D. increases with output
8 In monopoly and perfect competition the cost curves are
• A. similar
• B. different
• C. opposite
• D. falling in competition rising in monopoly
9 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
10 MRP curve of a firm represent demand curve of industry under.
• A. Imperfect compitition
• B. Monolopy
• C. Oligopoly
• D. Perfect competition

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

A

#### Ali Jutt

Lahore31 - May - 2024

18/20
06 Mins 20 Sec
E

#### Eman

Lahore19 - Jul - 2024

17/20
02 Mins 32 Sec

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