Profit Maximization Test 01 Mcqs Preparation Online Shani Malik — April 24, 2018 in Economics • add comment Profit Maximization Test 01 Mcqs Preparation Online 1. 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 both perfect and imperfect competition C. Decrease in output in both perfect and imperfect competitionD. Increase in output in imperfect but not necessarily in perfect competition Loading... 2. Economic profit is:A. Total revenue minus explicit costB. Total revenue minus total costC. Part of total costD. Total variable cost minus total fixed cost Loading... 3. Profit is maximum when:A. TC and TR curves are parallel B. AC and AR curves are parallelC. None of theseD. MC and MR curves are parallel Loading... 4. Normal profit is:A. Total revenue minus total cost B. Part of economic profitC. Part of total costD. Total revenue minus implicit cost Loading... 5. Profit is maximum when:A. Slope of AC and AR is the same B. Slope of MC and MR is the sameC. None of theseD. Slope of TC and TR is the same Loading... 6. The basic goal of a firm is to:A. Maximize revenues B. Maximize welfare of its employeesC. Maximize outputD. Maximize profit Loading... 7. The necessary condition for equilibrium position of a firm is:A. MC > PriceB. MC = MRC. MC > MRD. MC = AC Loading... 8. At the point of equilibrium of firm (under perfect competition):A. MR curve must be risingB. MC curve must be fallingC. None of theseD. MC curve must be rising Loading... 9. A firm earns economic profit when total profit exceeds:A. Explicit costsB. Normal profitC. Variable costsD. Implicit costs Loading... 10. Profit is maximum when:A. None of theseB. Distance between AR and AC is maximumC. Distance between TR and TC is maximumD. Distance between MR and MC is maximum Loading... Loading... Related NTS Results Post:Wages Rent Interest and Profit 02 Mcqs Preparation OnlineWages Rent Interest and Profit 03 Mcqs Preparation OnlineWages Rent Interest and Profit 01 Mcqs Preparation OnlineChemistry MCQs Test 05 Online PreparationBiology Mcqs Test 08 Online PreparationBiology Mcqs Test 06 Online PreparationChemistry Online MCQs Test 01 For PreparationChemistry MCQs Test 07 Online Preparation
