Economics Question 53 (1.4 points) Refer to the below diagrams, which pertain to a perfectly competitive firm producing output q and the industry in which it operates. Which of the following is correct? O Market price is below average variable cost and thus firm chooses to shut down. O Market price is below average total cost but exceeds average variable cost and thus firm chooses to operate with loss. O Market price is below average total cost and thus firm chooses to shut down. O Market price is below average variable cost but exceeds average total cost and thus firm chooses to operate with loss