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

The demand of a commodity becomes elastic if its substitute good is available in the market. (True/ False)

State whether the following statement is true or false:
‘‘As per Keynesian theory in an economy, full employment can never exist.’’

Giving reasons, state whether the following statement are True or False.
If supply curve passes through origin, elasticity of supply is greater than one?

State whether the following statements are true or false. Give reasons for your answer:
The value of marginal propensity to save can never be negative.

Giving reasons, state whether the following statements are true or false.
Gross investment can be equal to net investment.

Giving reasons, state whether the following statements are true or false.
Marginal utility of the first unit is equal to Total Utility.

Giving reasons, state whether the following statements are true or false.
Sale of second hand car is not included in national income.

Are the following statements true or false? Give reasons.
Fiscal deficit is non-inflationary.

When AD = AS, producers suffer the burden of unwanted supplies. (True/ False)

Giving reasons, state whether the following statements are true or false.
In perfect competition, selling costs can help in raising sale of the product.