11th Principle of Economics Chapter 6 Test

Here you can prepare 11th Principle of Economics English Medium Chapter 6 Firm's Costs of Production and Revenues Test. Click the button for 100% free full practice test.

First Year Principles of Economics Chapter 6 Online MCQ Test for 1st Year Principles of Economics Chapter 6 (Firm's Costs of Production and Revenues)

This online test contains MCQs about following topics:

. Firm's costs of production . Kinds of costs according to payment . Short run costs . Concepts of pre unit costs of output . Interrelationship of average cost and marginal cost . Long run costs . Derivation of long run average cost curve . Derivation of long run marginal cost curve

ICOM Part 1 Economics Ch 6 Test
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First Year Principles of Economics Chapter 6 Online MCQ Test for 1st Year Principles of Economics Chapter 6 (Firm's Costs of Production and Revenues)

Sr. # Questions Answers Choice
1 The demand curve for monopolist is also called
  • A. Total revenue
  • B. Average revenue
  • C. Marginal revenue
  • D. Zero revenue
2 Demand curve of a monopolist has the shape
  • A. Falls from left to right
  • B. Rises from left to right
  • C. Remains below MR curve
  • D. Remains parallel to ox-axis
3 In perfect competition the average revenue curve is
  • A. Vertical
  • B. Horizontal
  • C. Rising
  • D. Declining
4 Reward of capital is called
  • A. Rent
  • B. Wage
  • C. Interest
  • D. Profit
5 What is the reward of Labour ?
  • A. Rent
  • B. Wage
  • C. Interest
  • D. Profit
6 All the factors production can be hired except.
  • A. Land
  • B. Labour
  • C. Capital
  • D. Organization
7 Additional amount of money which a firm gets by selling an additional unit of output is called
  • A. Average revenue
  • B. Marginal revenue
  • C. Total revenue
  • D. Revenue
8 The kind of market, in which a single firm produces a single commodity which has no close substitute
  • A. Monopoly
  • B. Duopoly
  • C. Oligopoly
  • D. Perfect competition
9 Wages of temporary labourers are
  • A. Fixed cost
  • B. Marginal cost
  • C. Total cost
  • D. Variable cost
10 Dividing total fixed costs by the units of output, is attained
  • A. Average fixed cost
  • B. Average variable cost
  • C. Average cost
  • D. Marginal cost

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