# ISC ECONOMICS 12 REVENUE MCQs WITH SOLVED ANSWERS

## ISC ECONOMICS 12 REVENUE MCQs WITH SOLVED ANSWERS (Question 1 to 5)

1. Money received by a firm from the sale of a given output in the market is known as
(a) Cost of production
(b) Revenue
(c) Fixed Cost
(d) Variable Cost
2. Total Revenue=
(a) P×Q
(b) TFC×Q
(c) TVC×Q
(d) C×Q

3. —————revenue refers to revenue per unit of output sold.
(a) Fixed
(b) Average
(c) Marginal
(d) Cost

4. Average Revenue=
(a) TR / Q
(b) (P×Q)/Q
(c) P
(d) All of these

5. Additional revenue earned by the seller by selling an additional unit of output is known as—

(a) Total Revenue
(b) Average Revenue
(c) Marginal Revenue
(d) Average Cost

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Note: Answers are given below at the end.

## ISC ECONOMICS 12 REVENUE MCQs WITH SOLVED ANSWERS (Question 6 to 10)

6. when the price remains constant. As a result, MR curve is a…
(a) Horizontal straight line parallel to the X-axis
(b) Vertical straight line parallel to the Y-axis
(c) Downward sloping
(d) None of these
7. Marginal Revenue=
(a) MRn = TR n – TR n-1
(b) MR n = Δ TR / Δ Q

(c) a and b both
(d) None of these

8. when the price remains constant. which of the following true?
(a) As a Result AR and MR curves will be a horizontal straight line parallel to X-axis.
(b) AR=MR.
(c)AR and MR Curves coincide in a horizontal straight line parallel to X-axis.
(d) All of these

9. If the average revenue curve is a horizontal straight line, then the marginal revenue curve will be: =
(a) Downward sloping
(b) Upward Sloping
(c) Horizontal straight line
(d) None of these

10. When price remains same with rise in output, AR curve is:

(a) Vertical straight line parallel to Y-axis
(b) Downward sloping
(c) Horizontal straight line parallel to X-axis
(d) Upward Sloping

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Note: Answers are given below at the end.

## ISC ECONOMICS 12 REVENUE MCQs WITH SOLVED ANSWERS (Question 11 to 15)

11. Suppose total revenue is rising at a constant rate as more and more units of a commodity are sold, marginal revenue would be:
(a) Greater than Average Revenue
(b) Less than Average Revenue
(c) Equal to Average Revenue
(d) Rising
12. A firm is able to sell any quantity of a good at a given price. The firm’s marginal revenue will be:
(a) Greater than Average Revenue
(b) Less than Average Revenue
(c) Equal to Average Revenue
(d) Zero

13. A firm is able to sell more quantity of a good only by lowering the price. The firm’s marginal revenue, as he goes on selling, would be?
(a) Greater than Average Revenue
(b) Less than Average Revenue
(c) Equal to Average Revenue
(d) Rising

14. Average revenue equals: (Choose the correct alternative)
(a) Total Revenue divided by the quantity produced
(b) Price
(c) Both (a) and (b)
(d) None of the above

15. Let TR be total revenue, Q be quantity of output, and ‘n’ the number of n=units, then marginal revenue equals: (choose the correct alternative)

(a) TRn -TRn-1,
(b) Change in TR / Change in Q
(c) Both (a) and (b)
(d) None of these

## Answer – Question Number 1To 5

4. Answer – (d) All of these

5. Answer – (c) Marginal Revenue

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## Answer – Question Number 6 To 10

6. Answer – (a) Horizontal straight line parallel to the X-axis

7.Answer – (c) a and b both

8. Answer – (d) All of these

9. Answer – (c) Horizontal straight line

10. Answer – (c) Horizontal straight line parallel to X-axis

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## Answer – Question Number 11 To 15

11. Answer – (c) Equal to Average Revenue

12. Answer – (c) Equal to Average Revenue

13. Answer – (b) Less than Average Revenue

14. Answer – (c) Both (a) and (b)

15. Answer – (c) Both (a) and (b)

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