MICROECONOMICS CH : 13 MARKET EQUILIBRIUM UNDER PERFECT COMPETITION AND EFFECTS OF SHIFTS IN DEMAND AND SUPPLY — Economics STD 11 Commerce — Question

If an economy is operating inside the PPC, it is possible to increase the production of Good-1 without any decrease in the production of Good-2.

Giving reasons, state whether the following statements are true or false.
If percentage change in demand is greater than percentage change in price, it will be less elastic.

Giving reasons, state whether the following statements are true or false.
Average product will increase only when marginal product increases.
OR
Average product rises only where marginal product rises.

Supply never changes unless price changes.

Supply increases in response to increase in price of the concerned commodity.

Giving reasons, state whether the following statement are true or false:
When Marginal product falls, average product will also fall.

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

Giving reasons, state whether the following statements are true or false.
Growth of resources shifts PPC towards left.

Giving reasons, state whether the following statements are true or false-
TU starts declining when MU starts declining.

Total cost is the sum total of marginal costs.