CUET Economics 2025 22 May Shift 1 PYQs

Identify the correct statements from the following:

(A) As long as MP>AP, the average Product (AP) can rise even when the Marginal Product (MP) is falling.

(B) The law of variable proportions operates only if the factor ratio happens to change.

(C) Total Product (TP) must increase no matter if there are increasing or decreasing returns to a factor.

(D) Marginal Product (MP) = Average Product (AP), when AP is maximum.

Choose the correct answer from the options given below:

Match List-I with List-II

List-I	List-II
(A) Production function	(I) $f(tx_1, tx_2) > t f(x_1, x_2)$
(B) Constant returns to scale	(II) $f(tx_1, tx_2) < t f(x_1, x_2)$
(C) Increasing returns to scale	(III) $f(x_1, x_2)$
(D) Decreasing returns to scale	(IV) $f(tx_1, tx_2) = t f(x_1, x_2)$

Choose the correct answer from the options given below:

Which of the following are correct about the short run cost concepts?

(A) Both the average cost and average variable cost curves are U-shaped.

(B) Average cost and average variable cost curves are parallel to each other.

(C) Marginal cost is equal to both average cost and average variable costs at their respective minimum levels.

(D) Average cost and average variable cost can never be equal to each other.

Choose the correct answer from the options given below: