Given the following information, state whether the perfectly competitive firm should shut down or continue to operate
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Given the following information, state whether the perfectly competitive firm should shut down or continue to operate in the short run.
a. Q = 100; P = $10; AFC = $3; AVC = $4.
b. Q = 70; P = $5; AFC = $2; AVC = $7.
c. Q = 150; P= $7; AFC = $5; AVC = $6.
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