Production and cost — Economics STD 11 Commerce — Question

Fixed cost must be greater than variable cost when output is zero.

In the long period, elasticity of supply tends to be lower than in the short period.

Giving reasons, state whether the following statements are true or false.
PPC is concave shaped as production of one good can be increased only by reducing quantity of another good.

Giving reasons, state whether the following statement are True or False.
Ceteris paribus, if price rises, quantity supply of goods will fall.

Giving reasons, state whether the following statements are true or false.
Change in quantity demanded means an increase and decrease in demand and Change in demand curve means expansion and contraction in demand.

Giving reasons, state whether the following statements are true or false.
Law of demand explains quantitative relationship between price and E quantity demanded.

Shift in demand curve does not occur so long as own price of the commodity is constant.

Giving reasons, state whether the following statements are true or false.
If percentage change in demand is greater than percentage change in price, it will be less elastic.

Giving reasons, state whether the following statement are true or false:
When there are diminishing returns to a factor, total product always decreases.

In "maximum price ceiling", the government fixes the price of a commodity lower than the equilibrium price. (True/ False)