CUET Economics 2026 11th May Shift 1 PYQs

If there is a positive level of output at which a firm's profit is maximized in the long run, three conditions must hold at that output level are:

A. P is equal to LRMC

B. P is less than LRAC

C. LRMC is non - decreasing

D. P is greater than or equal to the minimum LRAC

Choose the correct answer from the options given below:

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

Select the INCORRECT feature of the market with respect to perfect competition.

1. The market consists of a large number of buyers and sellers.
2. Entry into the market as well as exit from the market are free for firms.
3. Buyers are price makers.
4. There is perfect knowledge.