14. A firm must sell its product at a market price of $1.90. Its present operating figures are as follows: average cost, $2.00; marginal cost, $1.50; average variable cost, $1.50; total fixed costs, $500 per period. By the rules of maximum profit (or minimum loss) for a competitive firm, this firm would: a. increase its present output level. b. reduce its present output level. C. remain at its present output position. d. shut down