MICROECONOMICS CH : 5 THEORY OF DEMAND — Economics STD 11 Commerce — Question

Giving reasons, state whether the following statements are true or false.
Law of demand states that price and demand are positively related to each other.

Quantity demanded is a specific amount of a commodity that the consumer is ready to buy against a specific price, while demand is not.

State giving reasons, whether the following statements are true or false:
When Marginal Product falls, Average Product will also fall?

In case of excess demand, equilibrium price must rise.

In the short period, production is done only by using the variable factors.

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

It is quantity demanded (and not demand for a commodity) that changes with respect to its own price.

When equilibrium price of a good is less than its market price, there will be competition among sellers. (True/ False)

Giving reasons, state whether the following statement are True or False.
When government imposes more unit tax, supply of the concerned good increases?

Which of the following statements are true or false? Give reason.
An economy always produces on but not inside the PP curve.