CUET Economics - A perfectly competitive market in an economy is categorized by the following features. (A) Firms are price-takers. (B) Average revenue is equal to market price. (C) Market is perfectly inelastic. (D) Marginal revenue is equal to market price. Choose the correct answer from the options given below: | PYQs + Solutions

CUET Economics 2025 3 June 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:

3 June Shift 2

Arrange the given statements in chronological order stating the implications of free entry and exit assumptions in a equilibrium market.

(A) Supply curve shifts rightward, however demand remains unchanged.

(B) At the prevailing market price, each firm is earning a supernormal profit and will attract some new firms.

(D) All firms in the market are earning normal profit, no more firms will have incentive to enter.

Choose the correct answer from the options given below:

27 May Shift 2

In a perfectly competitive market, the marginal revenue curve is?

26 May Shift 2

The total revenue of a firm is increasing at a constant rate. Which of the following is true about this firm?

CUET Economics 2025 3 June Shift 2 PYQs