MICROECONOMICS CH : 10 PRODUCER'S EQUILIBRIUM — 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.

"To make the minimum price ceiling effective, it must be accompanied by rationing". True/ False. Justify your answer.

When output of Good-1 increases from 100 units to 110 units and output of Good-2 decreases from 400 units to 350 units, marginal opportunity cost = 50 units.

Average fixed cost curve is a rectangular hyperbola.

The demand for a commodity always increases with increase in the prices of other goods. True or false?

Giving reasons, state whether the following statements are true or false:
When demand increases more than proportionately than the increase in supply, equilibrium price will fall.

Giving reasons, state whether the following statement are true or false.
A producer is in equilibrium when total cost and total revenue are equal.

Total utility is maximum when marginal utility starts declining.

Giving reasons, state whether the following statements are true or false:
In a state of equilibrium, quantity demanded will be less than the quantity supplied.

Feasible combinations of goods are those combinations which a consumer can always buy, no matter what his income is.