(Table: Total Cost for a Perfectly Competitive Firm) Use Table: Total Cost for a Perfectly Competitive Firm.The firm will stop production and shut down at any price less than:

A) $2.50.
B) $2.83.
C) $3.50.
D) $5.00.

Shut Down

A short-term decision by a firm to cease production due to market conditions, often when the revenue from sales cannot cover variable costs.

Total Cost

The total of all expenses related to the manufacturing of products or provision of services, which encompasses both constant and fluctuating costs.

Perfectly Competitive

An economic market scenario where buyers and sellers operate in a setting with full information, resulting in efficient allocation of resources.