Identify the following:

___________ 1. Rectangle of total Revenue for this firm (4 letters)

_________ 2. Point where MR=MC (1)

___________ 3. Per unit average fixed cost (2)

___________ 4. Per unit profit (2)

___________ 5. Minimum Average total cost (1)

___________ 6. Rectangle of economic profit (4)

___________ 7. The beginning of the firm?s supply curve (1)

______ 8. In the short run a purely competitive firm that seeks to maximize profit will produce:

a. where the marginal cost and the marginal revenue are equal.

b. where total cost exceeds total revenue by the maximum amount.

c. that output where economic profits are zero.

d. at any point where the total revenue and total cost curves intersect.

e.

9. Allocative Efficiency is noted as (equation) _____________________

10. Productive Efficiency is noted as (equation) ____________________