CUET Economics 2025 14 May Shift 1 PYQs

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

Identify the incorrect statement about the relation between Marginal Product(MP) and Average Product (AP).

In the production of clothes, cotton is defined as................

1. capital
2. Input.
3. Final Output.
4. Intermediate output