1. The price elasticity of demand is said to be the elastic when the percentage change in quantity demanded of the good is greater than percentage change in good's price.

True
False

2. A successful advertising campaign raises the marginal utility consumers collect from a product.

True
False

3. Total output might continue to maximize even though the marginal physical product (MPP) is reducing.

True
False

4. The marginal physical product (MPP) will eventually begin to turn down due to the relative scarcity of some factor inputs in production procedure.

True
False

5. Fixed costs are the similar as total costs at the production rate of zero units in short run.

True
False