Figure $8\mathrm{.}1$

Q P TR TC AC MC MR $*$E$.$ Profits $16002502550375350050044506255400825635012507300200082503200$To maximize profits the business should produce $($Q$)\_\_\_\_\_\_\_\_\_\_$ at a price of $($P$)$ $$\_\_\_\_\_\_\_\_\_\_\_.$ Total revenues will be $$\_\_\_\_\_\_\_\_\_\_$ while total costs will be $$\_\_\_\_\_\_\_\_\_\_$ which results in a$/$an $$ economic profit $$ economic loss $$ break$-$even of $$\_\_\_\_\_\_\_\_\_\_\_\_.$ If this was a perfectly competitive market this firm would produce $($Q$)\_\_\_\_\_\_\_\_$ at a price of $ $\_\_\_\_\_\_\_$ which Is determined by the $$ seller $$ market. Then, if the government imposed a monopoly sales tax on profits AC would $$ increase $$ decrease and economic profit would $$ increase $$ decrease.