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

At the point of intersection of two supply curves, flatter curve shows higher elasticity of supply.

Giving reasons, state whether the following statements are true or false.
A ‘Production Possibility Frontier' (PPF) is always represented as a upward sloping curve.

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

Giving reasons, state whether the following statements are true or false:
Equilibrium price will not change if the decrease in demand meets with a proportionate decrease in supply.

Equilibrium price may not change even when market demand happens to change.

Giving reasons, state whether the following statements are true or false.
Law of demand explains quantitative relationship between price and E quantity demanded.

Negative MU denotes more satisfaction. (True/ False)

Giving reasons, state whether the following statements are true or false.
Under perfect competition, all the units of a good produced can be heterogeneous.

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

Scarcity of resources arises only in poor countries. (True/ False)