Roger is a producer of paper in a perfectly competitive market. The factory rent must be paid even if he produces no paper. However, the machine operating costs increase as the quantity of paper produced increases.

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

To maximise profit, Roger should produce a quantity where the market price of paper equals his __________.

As the quantity of paper produced increases, Roger's __________ will remain constant.

If the __________ is above the average total cost for a particular quantity of paperproduced, Roger will make an economic profit.

 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