CUET Economics 2025 29 May Shift 1 PYQs

In the short run, the shape of the average fixed cost curve for a typical firm is?

From the following which is incorrect with respect to firm's profit maximization in long run?

1. Price = Long Run Marginal Cost
2. LRMC is first decreasing and then increasing
3. Price = Short Run Marginal Cost
4. Price ≥ Long Run Average Variable Cost

The tendency where marginal productivity first increases then starts falling is known as ______