CUET Economics - 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 | PYQs + Solutions

CUET Economics 2025 31 May Shift 1

Micro

Medium

Price = Long Run Marginal Cost

LRMC is first decreasing and then increasing

Price = Short Run Marginal Cost

Price ≥ Long Run Average Variable Cost

✅ Correct Option: 3

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Given the production function $f(x_1, tx_2) > tf (x_1, x_2)$ , what it exhibit:

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At the present level of production, the marginal revenue exceeds the marginal cost of production. In order to attain equilibrium, the producer should___

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Which of the following is/are true about the short run costs?

(A) Marginal cost is the slope of total variable cost.

(B) Average fixed cost curve is a downward sloping rectangular hyperbola.

(D) Average variable cost curve and average cost curve are parallel to each other.

Choose the correct answer from the options given below:

CUET Economics 2025 31 May Shift 1 PYQs

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