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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 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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