11th class Principles of Economics chapter 7 online mcq test with answers for I.Com part 1 Principles of Economics chapter 7(Price and Output Determination)

Principles of Economics Icom Part 1 English Medium Chapter 7 Online Test

Sr. #	Questions	Answers Choice
1	Under perfect competition, marginal revenue and average revenue curves	Moves from left to right upward Moves from left to right downward Remain parallel to x-axis Remain parallel to y-axis
2	Till marginal cost curve remains below the marginal revenue curve, from the economic point of view, increase in production for a firm is	Beneficial Unbeneficial May be beneficial or unbeneficial Neither beneficial nor unbeneficial
3	A firm is in equilibrium when its	Marginal revenue is equal to marginal cost Marginal revenue is more than marginal cost Marginal revenue is less than marginal cost Marginal revenue is equal to average cost
4	Firm earns maximum profit at the point where	Difference between total costs and total revenue is highest and the total revenue curve is above Total costs and total revenue curves intersect each other Total costs curve is above the total revenue curve Difference between total costs and total revenue is minimum