The theory of the firm under perfect competition — Economics STD 11 Commerce — Question

Complementary goods often exhibit low elasticity of demand.

Giving reasons, state whether the following statement are True or False.
If there is decrease in supply, producer moves downward along the same supply curve?

State giving reasons, whether the following statements are true or false:
Increase in Total Product always indicates that there are increasing returns to a factor.

In case of substitute goods, a fall in price of Good-X causes a fall in demand for Good-Y.

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.

Decrease in demand refers to contraction of demand.

Fall in marginal product must lead to a fall in average product as well.

With fuller utilisation of resources, an economy can shift to a point beyond PPC.

As output rises, the difference between total cost and total variable cost tends to fall.

Giving reasons, state whether the following statements are true or false.
When the quantity of a variable input is increased from 3 units to 4 units, the total output increases from 70 units to 85 units. The marginal product of the variable input is 15 units.