If a perfectly competitive firm is producing in the short run at an output where price is less than average total cost, the firm Question content area bottom Part 1 A. is incurring an economic loss but will continue to operate as long as price is above minimum average variable cost. B. is breaking even. C. will shut down. D. is incurring an economic loss but will continue to operate as long as price is above minimum average fixed cost. E. is still making a positive economic profit