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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 shape of marginal revenue product (MRP) curve is
  • A. Inverted U
  • B. Steeper
  • C. Flatter
  • D. Positive
2 Marginal revenue recommended by symbol
  • A. MR
  • B. MC
  • C. AR
  • D. None of these
3 A monopoly generally
  • A. allocates resources in a socially optimal way
  • B. encourages greater income equality
  • C. encourages greater efficiency
  • D. produces less quantity than the quantity which minimies average cost
4 If a firm shuts down temporarily, it will incur loss equal to
  • A. AFC
  • B. AVC
  • C. TFC
  • D. TVC
5 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
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 The necessary condition for equilibrium position of a firm is
  • A. MR > MC
  • B. MC > price
  • C. MC = MR
  • D. MC = AC
8 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
9 The most efficient scale of production of a firm is where
  • A. LAC is minimum
  • B. SAC is minimum
  • C. LMC is minimum
  • D. SMC is minimum
10 Total profit = ?
  • A. Per unit profit x output
  • B. Per unit profit x input
  • C. Per unit profit + output
  • D. per unit profit - input

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