Part I. MODIFIED TRUE or FALSE. Write "T" if the given statement is TRUE, correct and valid. Write "F",if otherwise. If your answer is either "T" or "F" explain, why is it true or false. Cite a theory, use aformula or graph to support your answers, (3 points for each item)_1. Economics is the study of how people utilize their unlimited resources to satisfy limitedwants.2. Economics is a study of the activities arising from unlimited resources or abundance ofresources.3. The best thing that you choose not to do is the cost of the thing that you choose to dois called opportunity benefit.4. Microeconomics is a branch of economics that deals with the decisions of individualhouseholds and firms.5. Economic model is an abstract representation of the "unreal world" phenomena thatone wishes to examine.6. Economic model can be expressed to an equation holding other variables to beconstant.7. Independent variable or the explanatory variable (in an economic model) is the variablethat provides the explanation for any change(s) in the response variable.8. Points below the Production Possibility Frontier or PPF are the choices of the societythat are infeasible due to its limited resources.9. In a perfectly competitive market, supply and demand are the economic forces in themarket that determines not the equilibrium quantity and price.10. In a perfectly competitive market, there are many buyers and sellers and no caninfluence the market price or quantity.11.Law of demand asserts that quantity demanded and its own price is directly related.12. Law of supply states that quantity supply and its own price is indirectly related.13. For the demand curve to shift either to the left or to the right, the slope of the line isshould change.14. For the supply curve to rotate, the y-intercept of the line should change.15. Change in quantity demanded or change in quantity supplied is a result of the changesin its own determinants (demand or supply) specifically the own price of the product.16. Technology is one of the determinants of demand that shift the demand curve either tothe left or to the right.17.Other factors/determinants such as pests and diseases can affect largely the demandof the people for a specific good or service.18.Price elasticity of either demand or supply measures the responsiveness of thequantity demanded or quantity supplied by buyers or sellers to changes in its ownincome19.A perfectly inelastic demand exhibits a horizontal demand curve and ne,20. A perfectly elastic supply exhibits a vertical supply curve and n=0.21. In a monopolistic market, there are several suppliers in the market.22. The given equation Q = 13 - 0.25P is an example of a supply equation.AQ P23. The formula to derive the elasticity of either for demand or supply is: 17=AP Q24. Luxurious goods are considered inferior goods for minimum wage earners.25. Philippines is considered as an open economy.

Question

Part I. MODIFIED TRUE or FALSE. Write &#34;T&#34; if the given statement is TRUE, correct and valid. Write &#34;F&#34;,if otherwise. If your answer is either &#34;T&#34; or &#34;F&#34; explain, why is it true or false. Cite a theory, use aformula or graph to support your answers, (3 points for each item)_1. Economics is the study of how people utilize their unlimited resources to satisfy limitedwants.2. Economics is a study of the activities arising from unlimited resources or abundance ofresources.3. The best thing that you choose not to do is the cost of the thing that you choose to dois called opportunity benefit.4. Microeconomics is a branch of economics that deals with the decisions of individualhouseholds and firms.5. Economic model is an abstract representation of the &#34;unreal world&#34; phenomena thatone wishes to examine.6. Economic model can be expressed to an equation holding other variables to beconstant.7. Independent variable or the explanatory variable (in an economic model) is the variablethat provides the explanation for any change(s) in the response variable.8. Points below the Production Possibility Frontier or PPF are the choices of the societythat are infeasible due to its limited resources.9. In a perfectly competitive market, supply and demand are the economic forces in themarket that determines not the equilibrium quantity and price.10. In a perfectly competitive market, there are many buyers and sellers and no caninfluence the market price or quantity.11.Law of demand asserts that quantity demanded and its own price is directly related.12. Law of supply states that quantity supply and its own price is indirectly related.13. For the demand curve to shift either to the left or to the right, the slope of the line isshould change.14. For the supply curve to rotate, the y-intercept of the line should change.15. Change in quantity demanded or change in quantity supplied is a result of the changesin its own determinants (demand or supply) specifically the own price of the product.16. Technology is one of the determinants of demand that shift the demand curve either tothe left or to the right.17.Other factors/determinants such as pests and diseases can affect largely the demandof the people for a specific good or service.18.Price elasticity of either demand or supply measures the responsiveness of thequantity demanded or quantity supplied by buyers or sellers to changes in its ownincome19.A perfectly inelastic demand exhibits a horizontal demand curve and ne,20. A perfectly elastic supply exhibits a vertical supply curve and n=0.21. In a monopolistic market, there are several suppliers in the market.22. The given equation Q = 13 - 0.25P is an example of a supply equation.AQ P23. The formula to derive the elasticity of either for demand or supply is: 17=AP Q24. Luxurious goods are considered inferior goods for minimum wage earners.25. Philippines is considered as an open economy.

Accepted Answer

Disclaimer: Since it is a multi-part question, I am providing you with the answers to the first…