CUET Economics - With regard to price elasticity, in general, demand for a luxury good is likely to be ........ 1. Inelastic 2. Unitary elastic 3. Perfectly Inelastic 4. Elastic | PYQs + Solutions

CUET Economics 2025 14 May Shift 1

Micro

Easy

Inelastic

Unitary elastic

Perfectly Inelastic

Elastic

✅ Correct Option: 4

Related questions:

27 May Shift 2

Match List-I with List-II

List-I	List-II
(A) Consumer's income changes, but prices remain unchanged. The equation of the budget line.	(I) p₁ x₁ + p₂ x₂ = M'
(B) Marginal Rate of Substitution (MRS)	(II) p'₁ x₁ + p₂ x₂ = M
(C) The price of a commodity changes, but income remains unchanged. The equation of the budget line.	(III) Δ Y/ΔX
(D) Total Utility	(IV) $MU₁ + MU₂ + ... + MU_{n-1} + MU_n$

Choose the correct answer from the options given below:

1 June Shift 1

Which of the following inequality represents the consumer's budget constraint ?

29 May Shift 1

What is the Marginal Rate of Substitution(MRS)?

(A) The rate at which a consumer is willing to substitute one good for another.

(B) Equal to the slope of the indifference curve.

(D) Is constant for perfect substitutes.

Choose the correct answer from the options given below:

CUET Economics 2025 14 May Shift 1 PYQs