The following graph depicts the various cost curves for a representative competitive firm producing quantity Q1: of $ Costs LRAC MC SRAC P1 Q1 Quantity per period Refer to the above graph to answer this question. If the price of the product is Pl, what does the graph suggest? O a. The market is achieving neither productive efficiency nor allocation efficiency. O b. The market is achieving allocation efficiency but not necessarily productive efficiency. O c. The market is achieving productive efficiency but not necessarily allocation efficiency. O d. The market is achieving both allocation efficiency and productive efficiency