Read the PJ64 Manual's Glossary under 'F' for the definitions.
The in-game framerate of the PAL version of Master Quest is ~17 frames per second (exactly one third of the maximum framerate possible for a PAL game, 50 FPS), and it also runs at 50 fields per second (every PAL game running fullspeed will get 50 fields per second).
The in-game framerate of the NTSC version of Master Quest is 20 frames per second (exactly one third of the maximum framerate possible for a NTSC game, 60 FPS), and it also runs at 60 fields per second (every NTSC game running fullspeed will get 60 fields per second).