Micro

Market Equilibrium

Easy

Which one of the following formula is correct for the Marginal Revenue Product of the labor (MRP $_L$ )?

MRP $_L$ = AR × MP $_L$

MRP $_L$ = MR × MP $_L$

MRP $_L$ = MR × MR $_L$

MRP $_L$ = MP × MR $_L$

✅ Correct Option: 2

The marginal revenue product of labour is the extra revenue from employing one more unit of labour. It equals the marginal revenue from selling the extra output times the extra output produced by that labour: $MRP_L = MR \times MP_L$ .

2025: 22 May Shift 2

Arrange the following in correct sequence, to correct the problem of mismatch between supply and demand forces:

(A) There is excess demand in the market.

(B) All other things remain the same as price rises, quantity demanded falls and quantity supplied increases.

(C) Some consumers who are either unable to obtain the commodity at all or obtain it in insufficient quantity will be willing to pay more than the prevailing prices.

(D) The market moves towards the point where the quantity that the firms want to sell is equal to the quantity that the consumers want to buy.

Choose the correct answer from the options given below:

2025: 21 May Shift 1

The market determined wage rate is $500 per month whereas the minimum wage fixed by the government is $$450 per month. As a result of this government intervention,

2025: 13 May Shift 2

Minimum support price of a foodgrain is the example of _______

2025: 2 June Shift 1

When will increase in supply bring down the price, leaving the quantity demanded unchanged?

2023: 1 June Shift 1

Increase in demand refers to :

2026: 31 May Shift 1

Match the LIST-I with LIST-II

LIST-I		LIST-II
A. Floor Price	I.	Decrease in supply
B. Price ceiling	II.	Setting the minimum price
C. Leftward shift in supply & demand curve	III.	Increase in demand
D. Rightward shift in demand and supply curve	IV.	Setting the maximum price

Choose the correct answer from the options given below:

Which one of the following formula is correct for the Marginal Revenue Product of the labor (MRPL_LL​)?

Solution

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CUET Economics Past Year Questions (Topic-Wise)

Which one of the following formula is correct for the Marginal Revenue Product of the labor (MRP $_L$ )?