MICROECONOMICS CH : 11 THEORY OF SUPPLY — Economics STD 11 Commerce — Question

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

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.

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

Which of the following statements are true or false?
An economy cannot operate on any point outside the Production Possibility Curve.

Decrease in demand refers to contraction of demand.

'Slope of the demand curve is constant at all points on the demand curve'. True or False? Give reason in support of your answer.

Giving reasons, state whether the following statements are true or false:
In a state of equilibrium, quantity demanded will be less than the quantity supplied.

Giving reasons, state whether the following statements are true or false:
When MR is zero, average revenue will be constant.

When equilibrium price of a good is less than its market price, there will be competition among sellers. (True/ False)

Giving reasons, state whether the following statement are true or false.
When total revenue is maximum and constant, marginal revenue is also maximum.