CAT Questions

---

Prices do not reflect the full social cost of production is an example of Market failure.

A market failure occurs when the supply of a good or service is insufficient to meet demand. This results in an inefficient distribution of resources among market participants.

It also occurs if externalities are not accounted for.

If a firm fails to maximize its profits this is not a general market failure.

The product of a number and its reciprocal is always equals to 1.

For Example : Let the number be 4.

Now, its reciprocal is 1/4

Hence, required product = 4 x 1/4 = 1.

Now, take the number as -15.

Then its reciprocal is -1/15

Required product = -15 x -1/15 = 1.

Hence, the product of a number and its reciprocal is 1.

Fixed Foreign Exchange rate can be changed by Reserve Bank Of India (RBI).

RNA - ribonucleic acid is a type of nucleic acid. The sugar contained in it is called Ribose.

IRQ-0 is the system timer commonly use in all computers. In a computer, IRQ is an interrupt request which acts as a hardware signal sent to the processor that temporarily stops a running program and allows a special program, an interrupt handler, to run instead.

The task of any business is to deliver Customer value at a profit.

Laconic means using only few words in his/her speech or while talking.

In the given options, talkative, wordy and long are all opposite to laconic and brief is the only word which is similar in meaning of laconic.