Introduction — Economics STD 12 Humanities & Commerce — Question

State giving reasons, whether the following statements are true or false:

As output is increased, the difference between Average Total Cost and Average Variable Cost falls and ultimately becomes zero.

Giving reasons, state whether the following statement are True or False.
Elasticity of supply explains qualitative relationship between supply and price of a commodity.

Fiscal Deficit = Total expenditure - Total receipts (True/ False)

Giving reasons, state whether the following Its are true or false.
The difference between average total cost and average variable cost is constant.

State giving reasons, whether the following statements are true or false:
When Total Revenue is constant, Average Revenue will also be constant.

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

Price discrimination is not possible in perfect competition. (True/ False)

Giving reasons, state whether the following statement are true or false.
A producer is in equilibrium when total cost and total revenue are equal.

Giving reasons, state whether the following statements are true or false.
Under monopoly a firm sells the goods at a single price.

Giving reasons, state whether the following statements are true or false:
If the increase in demand is proportionately equal to the decrease in supply, equilibrium price will rise.