CUET Economics 2025 30 May Shift 2 PYQs

Choose the incorrect option from the following with reference to production in the short run.

The optimum output will be when the relationship between LRMC and LRAC.

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