s 19-22 based on the following cost data for a competitive seller. Total Output 0 Total Fixed Cost Total Variable Cost Total Cost $50 SO $50 1 50 70 120 2 50 120 170 3 50 150 200 4 50 220 270 5 50 300 350 6 50 390 440 19. These data are for: (a) the long run. (b) the short run. (c) both the short and the long run. (d) none of the above. 20. At five units of output, average fixed cost, average variable cost, and average total cost are: (a) $10, $60 and $70 respectively. (b) $50, $40 and $90 respectively. (c) $10, $70 and $80 respectively. (d) $5, $25 and $30 respectively. 21. The marginal cost of the fifth unit of output: (a) is $80 (b) is $90 (c) is $50 (d) cannot be determined from the information given. 22.If product price is $75, the firm will: (a) produce three units of output (b) produce four units of output (c) produce five units of output (d) produce six units of output 23. Which of the following is not true for perfect competition? (a) Numerous sellers (b) Differentiated product (c) Perfect information (d) No barriers to entry and exit (e) Both (c) and (d) 24. Which of the following is true about a price-taking firm? (a) It is in contact with rival firms to fix the best price that all of them can charge (b) It is unable to influence the price of the product that it sells (c) It is asking the government to set a fixed price for its product (d) It can set the price of a product at any level that it wants (e) None of the above 25. Which of the following markets have the fewest number of firms? (a) Monopoly (b) Perfect Competition (c) Oligopoly (d) Monopolistic competition