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

Giving reasons, state whether the following Its are true or false.
The difference between total cost and total variable cost falls with the increase in output.

Giving reasons, state whether the following statements are true or false:
In case of excess supply, equilibrium price is greater than prevailing price.

Explain the inverse relationship between the price of a commodity and its demand.OR
Why does law of demand slope downward from left to right?
OR
Why do household buy more at a lower price than at a higher price?OR
Explain the causes behind law of demand.

Changes in income cause a shift in demand curve, while change in own price of the commodity does not.

Giving reasons, state whether the following statements are true or false.
When there are diminishing returns to a factor, total product always decreases.

Giving reasons, state whether the following statements are true or false:
If the decrease in demand meets with an increase in supply, equilibrium price will fall.

It is quantity demanded (and not demand for a commodity) that changes with respect to its own price.

Supply for perishable goods is inelastic. (True/ False)

AR curve does not shoot from the origin.