Non-Competitive Markets — Economics STD 12 Humanities & Commerce — Question

Giving reason, state whether the following statement are true or false.
Accommodating items are also known as 'above the line' items.

CRR and SLR are the two components of LRR. (True/ False)

Giving reasons, state whether the following statements are true or false.
Price elasticity of demand explains qualitative relationship between price and demand.

State giving reasons, whether the following statements are true or false:
When there are diminishing returns to a factor, Total Product always decreases?

Floor price is fixed by the government, which is generally lower than the equilibrium price. (True/ False)

Explain the inverse relationship between the price of a commodity and its demand.

OR

Why does law of demand slope downward from left to right?

OR

Why do household buy more at a lower price than at a higher price?

OR

Explain the causes behind law of demand.

State giving reasons, whether the following statements are true or false:

As output is increased, the difference between Average Total Cost and Average Variable Cost falls and ultimately becomes zero.

Are the following statement true or false? Give reason.

Appreciation of domestic currency leads to rise in imports.

In macroeconomics, aggregate demand refers to planned purchase of goods and services during a year. (True/ False)

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