It is very important to regularly practice with the previous year question papers in order to excel in the entrance examinationUGC conducts nationwide National Eligibility Test (UGC NET/ JRF) twice a year for award of Junior Research Fellowship and Eligibility for Lectureship.
1. A demand curve, which is parallel tothe horizontal axis, showing quantity,has the price elasticity equal to
(C) Less than one
2. Although a monopolist can chargeany price he likes, but does notcharge a higher price than his
equilibrium price because
(A) higher price means fall in totalrevenue.
(B) higher price can be charged only on that segment of firm’sdemand curve which is price
inelastic implying that the marginal revenue will be negative.
(C) it is inconsistent with profitmaximization goal undermonopoly.
(D) marginal cost will be negative over the relevant range of output.
3. Which of the following conditionsspecify the least cost-outputcombination ?
(A) PL/Pk = MRTS
(B) PL/Pk = MPL/MPk
(C) MPk/MPL = dL/dK
(D) All the above
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