Output Total cost (tons of rice (dollars per per year) ton) 0 $1,000 1 $1,200 2 $1,600 3 $2,200 4 $3,000 5 $4,000 5 Based on the table above which shows Chip's costs, if rice sells for $600 a ton, Chip will Select one: O a. stay open because the price is above his minimum average variable cost. O b. shut down because he incurs an economic loss. O c. shut down because the price is below his minimum average variable cost. O d. stay open because he makes an economic profit