MICROECONOMICS CH : 3 CONSUMER'S EQUILIBRIUM UTILITY ANALYSIS — Economics STD 11 Commerce — Question

If slope of two demand curves is the same, they show the same elasticity of demand.

Lack of scarcity implies lack of economic problem.

For a family of four, demand schedule for rice should be the same for each member.

In case of excess demand, equilibrium price must rise.

A producer supplies more of a commodity only at a higher price.

Demand for a commodity refers to the entire demand schedule.

Giving reasons, state whenever the following statements are true or false:
With increase in level of output, Average Fixed Cost goes on falling till reaches zero.

Giving reasons, state whether the following statements are true or false.
If price of substitute goods falls, demand for related goods will also fall?

When there is no excess demand or excess supply in the market, everybody is equally satisfied (or nobody suffers any shortage).

Elasticity of demand refers to change in quantity demanded consequent upon change in price of the commodity.