Question # 1

Total profit = ?

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Per unit profit x output

Per unit profit x input

Per unit profit + output

per unit profit - input

In monopoly and perfect competition the cost curves are

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similar

different

opposite

falling in competition rising in monopoly

In short period how many possibilities in which a firm may find itself

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four

five

six

seven

With an increase in wage rate supply of labour.

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Decrease

Increase

Remains constant

None of the three

Normal profit is called normal because

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it is neither very high nor very low

it is minimum acceptable to the producer

it is minimum which buyer wants to pay

it is maximum allowed by govt.

The demand for a factor depends on its.

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MRP

ARP

MRP = ARP

MRP < ARP

One of the following is not assumption of the marginal productivity theory.

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All factors of production are present substitutes of each other.

Law of increasing return applies in the production process.

There is perfect mobility of factor of production

Units of each factors of production are identical

"The reward for a factor is determined by the marginal revenue product of the factor" . it was said by:

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J.M. Keynes

Taussing

Hansen

Carver

How many condition of equilibrium of firm

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2

3

4

5

Choose the correct condition of equilibrium of firm

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MC = MR

MC curve cuts MR curve from below

Both a and b

MC + MR - AR

Profit is maximum when

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TC and TR curves are parallel

MC and MR curves are parallel

TC and TR curves cross each other

AC and AR curves cross each other

The most efficient scale of production of a firm is where

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LAC is minimum

SAC is minimum

LMC is minimum

SMC is minimum

If a firm shuts down temporarily, it will incur loss equal to

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AFC

AVC

TFC

TVC

The necessary condition for equilibrium position of a firm is

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MR > MC

MC > price

MC = MR

MC = AC

MRP curve of a firm represent demand curve of industry under.

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Imperfect compitition

Monolopy

Oligopoly

Perfect competition

Marginal revenue recommended by symbol

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MR

MC

AR

None of these

Under perfect competition

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AC = AVC

AR = AC

AR = MC

AR= MR

MRP curve of a factor represents the.

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Supply curve of the factor

Demand curve of the factor

Either demand or supply curve of the factor

None of the three

Marginal revenue is always less than price at all level of output in

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perfect competition

monopoly

both a and b

none of the above

Marginal revenue of a monopolist is

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equal to price

greater than price

less than price

increases with output

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Economics Ics Part 1 English Medium Chapter 15 Online Test MCQs With Answers

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