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

Shift in demand curve does not occur so long as own price of the commodity is constant.

In a situation of war when people are fearing shortage of rice, equilibrium price of rice tends to rise.

Greater revenue always implies higher profit for a firm.

Indifference curve is not convex to the origin in case of two normal goods.

When price is constant, AR > MR.

Giving reasons, state whether the following Its are true or false.
Total Cost rises only when marginal cost rises.

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.

All resources are not equally scarce all the time.

Giving reasons, state whether the following statements are true or false.
A consumer is in equilibrium where indifference curve equals budget line?

Giving reasons, state whether the following statements are true or false.
All combinations on an IC are achievable by a consumer.