In the short run, a price-taking firm decides to produce zero units of output. Which of the following must have been the case?

The market price was less than the firm's average variable cost.

The firm was earning normal profits in the short run but projected economic losses in the long run.

The firm's average total cost was higher than its average revenue.

The market price was between the firm's average variable cost and average total cost.

The market price was equal to the firm's average total cost.