The theory of the firm under perfect competition — Economics STD 11 Commerce — Question

Giving reasons, state whether the following statements are true or false.
Increase in total product always indicates that there are increasing returns to a factor.

If slope of two demand curves is the same, they show the same elasticity of demand.

Giving reasons, state whether the following statement are true or false:
Increase in total product always indicates that there are increasing returns to a factor.

Demand for a commodity refers to the entire demand schedule.

Supply never changes unless price changes.

In case of complementary goods, a rise in price of Good-X causes a rise in demand for Good-Y.

ATC and AVC tend to intersect at some level of output

Complementary goods often exhibit low elasticity of demand.

Diminishing returns to a factor is applicable only when average product starts falling.

All points on the budget line give equal satisfaction to the consumer.