CUET UG Economics — Micro previous year questions with solutions.
Match List-I with List-II | List-I | List-II | |---|---| | (A) Perfect Competition | (I) A typical characteristic of perfect competition. | | (B) Perfectly elastic demand curve | (II) An individual firm is a price taker. | | (C) Degree of price control under perfect competition | (III) The firm can sell any amount of its output at the prevailing price. | | (D) Freedom of entry and exit | (IV) No control over price. | Choose the correct answer from the options given below:
Suppose the demand and supply curves of salt are given by: $Q_d = 1000 - p$ $Q_s = 700 + 2p$ Find the equilibrium price and quantity.
If due to fall in price, total expenditure on the commodity falls, it indicates?
Which of the following is not concerned with the problem of choice?
The price elasticity of supply of a commodity is 2.5. At a price of Rs.5 per unit, its quantity supplied is 300 units. What will be its quantity supplied at a price of Rs.4 per unit?
What does break even point indicate?
When will increase in supply bring down the price, leaving the quantity demanded unchanged?
Under perfect competition, for the producer to be in equilibrium:
When Marginal Product is constant?
The Law of Diminishing Marginal Utility states that when more and more units of a commodity are consumed, Marginal Utility __________
Match List-I with List-II | List-I | List-II | |---|---| | (A) Consumer's equilibrium | (I) ΔY/ ΔX | | (B) Slope of IC | (II) Budget line rotates to the right starting from the Y axis | | (C) Px falls | (III) Consumer should move downwards to the right along the IC | | (D) MRSxy > Px/Py | (IV) Optimum choice of the consumer | Choose the correct answer from the options given below:
What is the shape of Average Revenue (AR) curve under perfect competition?
What would price ceiling lead to when the maximum price is fixed lower than the equilibrium price?
An upward sloping straight line supply curve shooting from the X axis indicates the:
Which of the following is a demerit of price ceiling? (A) Black Marketing. (B) Stability of income of producers. (C) Low quality product is offered to consumer. (D) Standing in long queues to get allocated quota of the commodity. Choose the correct answer from the options given below:
Average Fixed Cost (AFC) is indicated by?
A shift in the budget line, when prices are constant, is due to.
The difference between the revenue and cost is known as________
Which one of the following leads to the law of variable proportions?
Increase in the income of buyers (in case of inferior goods) will cause _________
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:
Chronologically, arrange the following statements in the context of shape of AP curve. (A) MP starts falling, the AP continues to rise as long as MP remains higher than AP. (B) At the first level of output, the MP and the AP are the same. (C) MP fall sufficiently, its value becomes less than the AP and the AP also falls. (D) MP rises, AP being the average of marginal products, also rises, but rises less than MP. Choose the correct answer from the options given below:
Identify the incorrect statement regarding price flooring:
How much of Good X can the consumer consume if she spends her entire income on that good?