MICROECONOMICS CH : 12 FORMS OF MARKET: PERFECT COMPETITION — Economics STD 11 Commerce — Question

Giving reasons, state whether the following statements are true or false.
Total product will increase only when marginal product increases.

Giving reasons, state whether the following statements are true or false.
On a demand curve where it touches X-axis elasticity of demand is Infinity?

In a free economy, decision relating 'for whom to produce' enhances the gulf between rich and the poor.

State giving reasons, whether the following statements are true or false:
Total Product will increase only when Marginal Product increases.

AP can rise even when MP is falling.

Giving reasons, state whether the following statements are true or false.
Economy always operates on PPC.

Increase in total product always follows the increase in marginal product.

In a situation when import of inputs becomes expensive, equilibrium price of the commodity tends to rise.

MP = AP when AP is maximum.

Shut-down point occurs when a firm is just covering its fixed costs only.