CUET Economics - 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: | PYQs + Solutions

CUET Economics 2025 29 May Shift 2

Micro

Medium

(A), (B) and (D) only

(A), (C) and (D) only

(A), (B), (C) and (D)

(B), (C) and (D) only

✅ Correct Option: 1

Related questions:

28 May Shift 1

What would be the equilibrium number of firms in a market of identical firms, when market demand function $(Q_d)$ , supply function of a single firm $(Q_s1)$ and equilibrium price (P) are given as

$Q_d = 180 - 2P$

$Q_{s1} = 15 + P$

$P = 15$

16 May Shift 1

Match List-I with List-II

List-I	List-II
(A) Excess demand	(I) Supernormal profits
(B) Excess supply	(II) Perfect competition
(C) Entry of new firms in the market	(III) Price tends to fall
(D) Price taker	(IV) Price tends to rise

Choose the correct answer from the options given below:

13 May Shift 2

Price ceiling is one concept which provides safeguard to______

CUET Economics 2025 29 May Shift 2 PYQs

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