CUET Economics - Identify the incorrect option from the following related to a perfectly competitive market. | PYQs + Solutions

CUET Economics 2025 29 May Shift 2

Micro

Medium

The firm's average revenue is equal to the market Price.

The price line shows the relationship between the market price and a firm's output level.

Marginal revenue equals the market price.

Firm's total revenue curve is a straight line horizontally.

✅ Correct Option: 4

Related questions:

29 May Shift 1

Which of the following are features of the perfect competition market?

(A) Price taking behavior of firms.

(B) Restriction on entry and exit of firms.

(D) Asymmetric Information.

Choose the correct answer from the options given below:

29 May Shift 2

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.

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

Choose the correct answer from the options given below:

14 May Shift 1

Arrange the following statements related to negative externalities in correct sequence

(A) There is an oil refinery which refines crude petroleum and sells it in the market

(B) Pollution harms well-being and also kills fish or other organisms

(D) Such harmful effects that the refinery is inflicting on others, for which it will not bear any cost, are called externalities

CUET Economics 2025 29 May Shift 2 PYQs