Theory of consumer behaviour — Economics STD 11 Commerce — Question

What is meant by perfectly elastic supply of a commodity?

Because of product differentiation under monopolistic competition, price tends to be higher than what it ought to have been in real terms and hence consumers suffer. How?​​​​​​​

Can AC be less than MC when AC is rising?

What effect does an increase in input price have on the supply curve?

Can Production Possibility Curve be a straight line?

Is the study of cotton textile industry, a microeconomic study or a macroeconomic study?

What is the relationship between the control price and equilibrium price?

Define ordinal utility.

What does the area under marginal cost curve show?

Give one reason for 'decrease' in supply of a commodity.