Question 12 When marginal product is diminishing O average variable cost is falling O fixed cost are sunk average cost is falling O marginal costs are rising D Question 13 Assume Covid tests kits are...

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Extracted text: Question 12 When marginal product is diminishing O average variable cost is falling O fixed cost are sunk average cost is falling O marginal costs are rising D Question 13 Assume Covid tests kits are produced in a perfectly competitive market. If a firm in this type of market reduces its output by 20 percent the price will decrease by less than 20 percent. O remain unchanged. O decrease by more than 20 percent. O increase.