12. The total cost per unit of output is called a) Average total cost b) Average variable cost c) Average fixed cost d) Marginal cost 13. is the maximum output a given labour can produce? a) Average product b) Total product Total cost d) Marginal product 14. Given that total cost is $75 and variable cost is $50, find fixed cost? a) 25 b) 125 C) 15 d) 50 15. Calculate average product given total output as 30 and labour used is 5 hours? a) 6 b) 150 c) 25 d) 15 True / False statements(2 marks each) 16. Average product is highest when it is equal to marginal product. (True/ False) 17. Firms should enter the industry when price is less than average cost. (True/ False) 18. Raw material is an example of fixed input. (True/ False) 19. When price elasticity of demand is zero (0) and quantity demanded is constant when price changes, then we have a perfectly inelastic good. (True/ False) 20. Proportion of income spent on the good is not a factor that influences elasticity of demand. (True/ False) 21. Production goes on in the long run. (True/ False)