Ben is a producer in the perfectly competitive market for calzones. No matter what he produces, Ben must pay rent for the factory he uses. The amount of wages he pays employees depends only on how much demand there is for a calzone, with the workers being employed on a part-time, casual basis.Assume rent, wages, and the ingredients for making calzones are the only costs Ben incurs.

Select the item from the list provided to make the following statements true.

The wages Ben pays an employeeis an example of a __________.

If the market price for calzones is below Ben's minimum average total cost but above his minimum average variable cost of production, thenBen is making an __________.

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In order to profit maximise (or to loss minimise), Ben should produce a quantity of calzones where his _______ equals the market price for calzones.

1.economic loss 2.fixed cost 3.minimum average variable cost 4.marginal cost 5.average total cost 6.economic profit 7.market price 8.average variable cost 9.total cost 10.average fixed cost 11.variable cost 12.minimum average total cost