Question

(STATE TRUE OR FALSE)
6. Product of each producer is different under perfect competition.
7. Supply of land is more or less elastic.
8. When the total amount of money spent increases with a fall in price the elasticity is said to be
greater than unity.
9. Economics laws are statements of tendencies.
10. Macroeconomics is income-oriented while micro-economics is price-oriented.

Answer 1

Answer:

hi

Explanation:

1. true
2. false
3. true
4. false
5. true

Answer 2

6. False

7. True

8. True

9. True

10. False

6.  homogeneous product in perfect competition

7.  As price of land changes the change in supply or demand  is more than the change in price.

8. for elastic goods elasticity is more than one

9.  economic laws are based on conditions and assumptions.

10. microeconomics is about individual and macroeconomics is about aggregate.