The theory of the firm under perfect competition — Economics STD 12 Humanities & Commerce — Question

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

Giving reasons, state whether the following statements are true or false.
Salary of Pakistan worker, working in Indian Embassy is not a national income of India.

Giving reasons, state whenever the following statements are true or false:
Average Product will increase only when Marginal Product increases.

State giving reasons, whether the following statements are true or false:
Total Product will increase only when Marginal Product increases.

Giving reasons, state whether the following statement are True or False.
If there is decrease in supply, producer moves downward along the same supply curve?

Explain that Higher IC provides higher level of satisfaction.

OR

'Higher indifference curve represents higher level of satisfaction to the consumer'. Explain the statement, also state the underlying assumption related to this property of indifference curve.

Giving reasons, state whether the following statements are true or false:
MR is always equal to the price at which the last unit of commodity is sold.

Giving reasons, state whether the following statements are true or false.
An indifference curve (IC) is convex to the origin because of increasing MRS_xy.

Giving reasons, state whether the following statements are true or false-
TU starts declining when MU starts declining.

State giving reasons, whether the following statements are true or false:
When Marginal Revenue falls to zero, Average Revenue becomes maximum.