Question: Suppose a perfectly competitive firm's minimum average variable cost is $1 when it produces $50. If the price is $2 and the firm's MC is

Suppose a perfectly competitive firm's minimum average variable cost is $1 when it produces $50. If the price is $2 and the firm's MC is $2, the firm should.

a. continue to produce, but produce less than 50

b. continue to operate, but produce more than 50

c. continue to produce 50

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