The following cost data is for a perfectly competitive seller: Based on the data given we can conclude that the firm must be operating in: Total Product Total fixed cost Total variable cost Total cost 0 $50 $0 $50 1 50 70 120 2 50 120 170 3 50 150 200 4 50 220 270 5 50 300 350 6 50 390 440 Multiple Choice the long run. the short run. both the short run and the long run. the intermediate market period only