The theory of the firm under perfect competition — Economics STD 12 Humanities & 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 statement are True or False.
If supply curve touches Y-axis, elasticity of supply is less than one?

Giving reasons, state whether the following statements are true or false.
Salary of Pakistan worker, working in Indian Embassy is not a national income of India.

Giving reasons, state whether the following statements are true or false.
Under oligopoly, there are large number of buyers and sellers.

Giving reasons, state whether the following statements are true or false:
When MR is positive and constant, AR and TR will both increase at a constant rate.

State giving reasons, whether the following statements are true or false:
When Marginal Product falls, Average Product will also fall?

Giving reasons, state whether the following statements are true or false.
Under monopolistic competition, a firm faces a perfectly elastic demand curve.

State whether the following statements are true or false. Give reasons for your answer:
The value of marginal propensity to save can never be negative.

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

Explain that Higher IC provides higher level of satisfaction.

OR

'Higher indifference curve represents higher level of satisfaction to the consumer'. Explain the statement, also state the underlying assumption related to this property of indifference curve.