Question 3(Multiple Choice Worth 1 points) (03.06 MC) LB Limited is a price taker in a perfectly competitive market. It produces and sells canned spices. The following information is available for the company: Current output 5000 units Current market price $3 Total cost $25,000 Marginal cost Total variable cost $20,000 What is the best action for LB limited? O Operating in the short run and in the long run O Increase output in the short run and in the long run Shut down in the short run and exit in the long run O Shut down in the short run and produce in the long run Reduce output in the short run and increase output in the long run