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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 Marginal revenue of a monopolist is
  • A. equal to price
  • B. greater than price
  • C. less than price
  • D. increases with output
2 Total profit = ?
  • A. Per unit profit x output
  • B. Per unit profit x input
  • C. Per unit profit + output
  • D. per unit profit - input
3 The correlation between average wage (AW) and marginal wage (MW) under perfect competition is .
  • A. AW = MW
  • B. AW > MW
  • C. AW < MW
  • D. None of the three
4 The necessary condition for equilibrium position of a firm is
  • A. MR > MC
  • B. MC > price
  • C. MC = MR
  • D. MC = AC
5 :It is not possible to separate marginal revenue product of each factor of production:. It was said by:
  • A. Carver
  • B. Hobson
  • C. Hansen
  • D. Hicks
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 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
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 When a competitive firm achieves long run equilibrium then
  • A. P= MC
  • B. MR = MC
  • C. P = ATC
  • D. all of the above
10 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

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