A competitive firm maximizes profit at an output level of 500 units, market price is $24, and ATC is $24.50. At what range of AVC values for an output level of 500 would the firm choose not to shut down?
a. AVC > $24
b. AVC = $24
c. AVC < $24
d. cannot be determined from the given information
c. AVC < $24
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