26. Based on the Figure - the Short-run Loss-Minimizing Position of a Firm in a Perfectly Competitive Industry, it illustrates a firm that can pay part, but not all, of its fixed costs by producing where

price equals minimum average variable cost but is less than minimum average total cost.

price exceeds minimum average total cost but is less than average fixed cost.

price exceeds minimum average variable cost but is less than marginal cost.

price exceeds minimum average variable cost but is less than minimum average total cost..