34. Identify the correct statement. A. The TP will rise as long as MP is positive. B. MP continuously rises as long as AP is rising. AP crosses MP at its maximum point. D. TP reaches its maximum level when AP is zero. E. None of the above. 35. If the minimum AVC and ATC are 10 and 15 respectively, what is the shutdown price? A. 15 B.10 C. greater than 10 D. less than 15 E. none of the above 36. Which one of the following is incorrect A. AFC continuously declines as output increases B. TFC does not depend on output level C. When output is zero, TC is the same as TFC D. The cost of producing additional unit of output is called marginal cost E. none Part II true or False Items Instructions:Read the questions carefully and Write True if the statements are correct otherwise False on the answer sheet ( one point each) 37. According to Cardinalists' approach utility can only be ranked, but not measured 38. The convenient stage of production for rational firm is stage II 39. The cost that firms incur for purchasing or hiring variable input is referred to as fixed costdownarrow 40. Utility derived from consumption of single commodity is the same across 41. Convexity of indifference curve shows Diminishing marginal rate of substitution 42. Positive economics judge a system as good or bad, better or worse. 43. If two goods are Complementary, then price of one and the demand for the other are directly related. 44. If the consumer prefers or is indifferent between the two bundles we say that she weakly prefers one over the other. 45. The demand curve that an individual seller in perfect competitive market faces is perfectly elastiC. 46. Output is the monetary value of inputs 47 Price raises and Q neither raises nor reduces when demand goes outward but supply goes inwards __ F 48. Producer is efficient when he can produce more of one good without producing less of the other 49. Production possibility curve behaves convexity ) 50.An increase in the price of goods shifts the budget line out ward )