CUET Economics 2025 29 May Shift 1 PYQs

Choose the correct statements from the options given below in terms of the shapes of the short run cost curves.

(A) Average fixed cost curve is a rectangular hyperbola.

(B) Total fixed cost is horizontal straight line.

(C) Average variable cost is upward sloping.

(D) Marginal cost is U shaped.

Choose the correct answer from the options given below:

Which of the following is true regarding supply of a commodity?

(A) Technological progress leads to a decrease in the supply of a commodity.

(B) When the price of inputs rises, the supply curve of the good shifts to the left.

(C) Technological progress shifts the supply curve of the firm to the right.

(D) Imposition of a unit tax on a firm shifts the supply curve of the goods produced by the firm to the left.

Choose the correct answer from the options given below:

Any allocation of resources by the society would result in the _____ of a particular combination of different goods and services.

1. Consumption
2. Production
3. Exchange
4. Demand and supply