MICROECONOMICS CH : 9 CONCEPT OF REVENUE — Economics STD 11 Commerce — Question

Giving reasons, state whether the following statements are true or false.
Under perfect competition, all the units of a good produced can be heterogeneous.

Giving reasons, state whether the following statements are true or false.
Increase in total product always indicates that there are increasing returns to a factor.

Giving reasons, state whether the following statements are true or false.
With the rise in price, quantity demanded for the goods falls and it is known as decrease in demand.

Increase in supply means more is sold because market prices tend to increase.

At the point of intersection of two supply curves, flatter curve shows higher elasticity of supply.

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

Giving reasons, state whether the following statements are true or false.
If a PPF shifts to the right, the new PPF will be parallel to the original.

Producer's equilibrium is a situation of 'revenue maximisation'.

If a straight line upward sloping supply curve shoots from the Y-axis, elasticity of supply < 1.

Giving reasons, state whether the following statements are true or false.
Law of demand states that price and demand are positively related to each other.