Are the following statements true or false:

1.The problem of what to produce in a command economy is solved by the Government?

2.According to the utility approach, consumer equilibrium is an affordable combination where weighted marginal utilities is slightly the same for the goods in question?

3.A natural monopoly is any market in which competition and entry are restricted by the granting of a public franchise, government license, patent, or copyright?

4.When marginal cost is greater than average cost, average cost decreases as output increases?

5.A cartel is a group of firms acting together - colluding - to limit output, raise price, and increase economic profit?

6.If the price of a good increases, a consumer will substitute away from the relatively more expensive good, which will increase the marginal utility for that good and bring the consumer back to equilibrium?

7.The Paradox of Value is resolved by the willingness for an individual to pay a high price for a good or service that has a high marginal utility per dollar?

8.The marginal product of labour is defined as the increase in output attributable to the last worker hired divided by the total number of workers employed?

9.Under monopolistic competition, firms are tempted to collude?

10.The Paradox of Value is resolved by the willingness for an individual to pay a high price for a good or service that has a high marginal utility per dollar?

11.If the price of coffee increases, the demand for tea increases?

12.A change in the price of a product causes a movement along the demand curve?

13.The Supply curve for tea would be downward sloping curve?

14.The Law of Supply states as price increases, quantity supplied increases?

15.The Law of Demand states as price increases, quantity demanded increases?

16.Goods that are used in the production of other goods are called Public Goods?

17.A change in population is a determinant of supply?

18.Prices cause adjustments in the quantities demanded and supplied?

19.Supply can be expressed using symbols?

20.The law of diminishing marginal utility refers to the increase in the utility of a product as a result of successive units of a product consumed?

21.According to the principle of diminishing marginal utility, as an individual consumes more and more of a good or service, the total utility increases while the marginal utility decreases?