CUET Economics 2025 28 May Shift 2 PYQs

In a perfectly competitive market choose the correct statement from the following.

(A) Equilibrium occurs where market demand equals market supply.

(B) Each firm employs labour upto the point where the marginal revenue of labour equals the wage rate.

(C) Equilibrium price and quantity are determined when there is large number of firms.

(D) Equilibrium price is always equal to minimum average cost of the firms.

Choose the correct answer from the options given below:

Arrange a statement of market equilibrium when the demand curve shifts leftward:

(A). The shift indicates that at any price the quantity demanded is less than before.

(B). Some firms will reduce the price of their commodity so that they can sell their desired quantity.

(C). Excess supply will arise.

(D). At the new equilibrium, quantity and price will be less than before.

Choose the correct answer from the options given below:

What is the shape of Average Revenue (AR) curve under perfect competition?