A graph of Price P versus Quantity Q which shows a curved upward-sloping line M C rising from about 13 47 to 33 20 and two curved lines A V C and A T C both decreasing at a decreasing rate reaching a

The firm will earn a negative economic profit if the market price is below the point of intersection between the MC and AVC curves, which is approximately (1.3, 4.7). Therefore, option C is correct.

However, we cannot determine whether the firm will remain in business in the short run based on this information alone. It depends on the specific costs and revenue of the firm. If the price is below the minimum point of the AVC curve (where it starts to increase at an increasing rate), the firm will shut down in the short run because it cannot even cover its variable costs. If the price is between the minimum points of the AVC and ATC curves, the firm will continue to produce in the short run but earn negative economic profit. If the price is above the minimum point of the ATC curve, the firm will earn positive economic profit in the short run