MICROECONOMICS CH : 8 CONCEPTS OF COST — Economics STD 11 Commerce — Question

Can Marginal revenue be negative.

Giving reasons, state whether the following statements are true or false.
Economy can never operate outside PPC with the given resources and technology.

When total expenditure on the commodity remains constant, price elasticity of demand also remains constant, no matter price of the commodity increases or decreases.

Which of the following statements are true or false? Give reason.
An economy always produces on but not inside the PP curve.

Giving reasons, state whether the following statements are true or false.
Economic problem arises due to plenty of resources.

Slope of indifference curve shows MRS

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

Following increase in output, the reducing difference between average total cost and average variable cost ultimately becomes zero.

A horizontal straight line demand curve shows zero elasticity of demand.

"To make the minimum price ceiling effective, it must be accompanied by rationing". True/ False. Justify your answer.