Economics Profit Maximization Test 01 Mcqs Preparation Online Profit Maximization Test 01 Mcqs Preparation Online 1. At the point of equilibrium of firm (under perfect competition):A. None of theseB. MR curve must be risingC. MC curve must be risingD. MC curve must be falling Loading... 2. Profit is maximum when:A. Distance between MR and MC is maximumB. Distance between TR and TC is maximumC. None of theseD. Distance between AR and AC is maximum Loading... 3. Profit is maximum when:A. Slope of TC and TR is the sameB. None of theseC. Slope of MC and MR is the sameD. Slope of AC and AR is the same Loading... 4. A firm's MR exceeds its MC, maximum profit rule requires that firm to:A. Increase in perfect competition but not necessarily in imperfect competition B. Increase in output in imperfect but not necessarily in perfect competitionC. Increase in output in both perfect and imperfect competition D. Decrease in output in both perfect and imperfect competition Loading... 5. Normal profit is:A. Part of economic profitB. Total revenue minus implicit costC. Total revenue minus total cost D. Part of total cost Loading... 6. The basic goal of a firm is to:A. Maximize profitB. Maximize revenues C. Maximize welfare of its employeesD. Maximize output Loading... 7. The necessary condition for equilibrium position of a firm is:A. MC > PriceB. MC > MRC. MC = MRD. MC = ACĀ Loading... 8. A firm earns economic profit when total profit exceeds:A. Explicit costsB. Variable costsC. Implicit costsD. Normal profit Loading... 9. Profit is maximum when:A. MC and MR curves are parallelB. None of theseC. AC and AR curves are parallelD. TC and TR curves are parallel Loading... 10. Economic profit is:A. Total revenue minus explicit costB. Total revenue minus total costC. Total variable cost minus total fixed costD. Part of total cost Loading... Loading... Related PostsWages Rent Interest and Profit 01 Mcqs Preparation OnlineWages Rent Interest and Profit 03 Mcqs Preparation OnlineWages Rent Interest and Profit 02 Mcqs Preparation OnlinePhysics MCQs Online Test 01 for PreparationPhysics MCQs Online Test 02 for PreparationAgriculture Information MCQs Test 02 For Online Preparation Continue Reading Previous Scale Of Production and Laws of Returns Mcqs Test Preparation OnlineNext Pakistan National income Test 01 Mcqs Preparation Online Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Δ