Production and cost — Economics STD 12 Humanities & Commerce — Question

Giving reasons, state whether the following statement are true or false.
If marginal revenue is equal to the total cost, producer is in equilibrium.

Giving reasons, state whether the following statements are true or false.
If Indian Airlines reduce fares from Delhi to Mumbai, demand curve for air travel shifts rightward.

Giving reasons, state whether the following statements are true or false.
If marginal product rises, average product must also rise.

State giving reasons, whether the following statements are true or false:
Increase in Total Product always indicates that there are increasing returns to a factor.

When average revenue falls marginal revenue falls faster than average revenue. (True/ False)

Average propensity to save is always greater than zero. (True/ False)

Giving reason, state whether the following statement are true or false.
Foreign exchange received on account of export of sugar will be recorded in current account.

Giving reasons, state whether the following statements are true or false.
When the quantity of a variable input is increased from 3 units to 4 units, the total output increases from 70 units to 85 units. The marginal product of the variable input is 15 units.

Giving reasons, state whether the following statements are true or false:
When supply decreases more than proportionately than the fall in demand, equilibrium price will also fall.

Balance of trade is the difference between export of services and import of services of a country. (True/ False)