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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 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
2 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
3 The demand for a factor is called.
  • A. Composite demand
  • B. Joint demand
  • C. derived demand
  • D. No demand
4 Under perfect competition
  • A. AC = AVC
  • B. AR = AC
  • C. AR = MC
  • D. AR= MR
5 MRP curve of a factor represents the.
  • A. Supply curve of the factor
  • B. Demand curve of the factor
  • C. Either demand or supply curve of the factor
  • D. None of the three
6 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
7 When a competitive firm achieves long run equilibrium then
  • A. P= MC
  • B. MR = MC
  • C. P = ATC
  • D. all of the above
8 If a firm shuts down temporarily, it will incur loss equal to
  • A. AFC
  • B. AVC
  • C. TFC
  • D. TVC
9 The demand for a factor depends on its.
  • A. MRP
  • B. ARP
  • C. MRP = ARP
  • D. MRP < ARP
10 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

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

M

M.Attiq-U-Rehman

Lahore25 - Nov - 2023

15/20
03 Mins 19 Sec

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