CUET Economics 2025 2 June Shift 1 PYQs

When output increases with the larger proportion compare to increase in inputs, this return is called?

1. Decreasing Return to scale.
2. Increasing return to scale.
3. Constant Return to scale.
4. Diminishing Marginal Product.

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

Any allocation of resources by the society would result in the _____ of a particular combination of different goods and services.

1. Consumption
2. Production
3. Exchange
4. Demand and supply