MICROECONOMICS CH : 9 CONCEPT OF REVENUE — Economics STD 11 Commerce — Question

Giving reasons, state whether the following statements are true or false.
In perfect competition every firm of the industry is price maker.

TU is the sum total of MU from all units of consumption of a commodity.

If a straight line upward sloping supply curve shoots from the origin, elasticity of supply is always equal to one.

In case of Giffen goods, income effect is higher than the substitution effect.

When MP falls, AP falls.

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

Price elasticity of demand is identical with slope of demand curve.

If a straight line upward sloping supply curve shoots from the X-axis, elasticity of supply > 1.

For a perfectly competitive firm, there are only normal profits in the long run.

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