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

State giving reasons, whether the following statements are true or false:
Marginal Revenue is always the price at which the last unit of the commodity is sold.

Average cost does not fall unless marginal cost also falls.

If price elasticity of demand is zero, it means expenditure on the commodity does not change with change in price of the commodity.

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

Greater revenue always implies higher profit for a firm.

Giving reasons, state whether the following statements are true or false.
When the marginal product of a variable input falls, total product also falls.

Giving reasons, state whether the following Its are true or false.
The difference between average total cost and average variable cost decreases with the decrease in the level of output.

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

Diminishing returns to a factor is applicable only when average product starts falling.

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