CUET Economics 2025 2 June Shift 1 PYQs

Suppose the demand and supply curve of commodity X in a perfectly competitive market are given by:

$q_d = 700 - p$

$q_s = 500 + 3p$

Assume that the market consists of identical firms. What will be the equilibrium price for this commodity?

Match List-I with List-II

List-I	List-II
(A) Price elasticity of demand will be equal to1	(I) When expenditure increases with a rise in price.
(B) Price elasticity of demand will be equal to 0	(II) When expenditure decreases with a rise in price.
(C) Price elasticity of demand will be more than 1	(III) When the quantity demanded doesn't change with the change in price.
(D) Price elasticity of demand will be less than1	(IV) When expenditure doesn't change with the change in price.

Choose the correct answer from the options given below:

1. (A) - (I), (B) - (II), (C) - (III), (D) - (IV)
2. (A) - (III), (B) - (IV), (C) - (II), (D) - (I)
3. (A) - (IV), (B) - (III), (C) - (II), (D) - (I)
4. (A) - (IV), (B) - (III), (C) - (I), (D) - (II)

When the percentage change in quantity demanded equals the percentage change in its price. The demand for the this good is said to be?

1. Perfectly Elastic
2. Perfectlty Inelastic
3. Unitary Elastic
4. Less Elastic