11.) Economic profit is defined as

opportunity cost- average cost.

total fixed cost- total variable cost.

total revenue - (explicit + implicit costs).

total revenue - explicit costs.

total revenue - implicit costs.

8.) A perfectly competitive firm will maximize profit or minimize losses in the short run by producing at the point where:

marginal revenue equals marginal cost if price is greater than the minimum of AVC.

marginal revenue equals ATC if that point is above the minimum of ATC.

marginal revenue equals marginal cost if price is greater than AFC.

ATC is at its minimum value.

AVC and ATC intersect.