The correct answer is: D. All of the above
At the shutdown point, a firm will produce no output if the price of its product is less than its average variable cost (AVC). This is because the firm will lose more money by producing output than it would by shutting down and producing nothing.
When a firm produces no output, its total revenue is equal to zero. Its total variable cost is also equal to zero, because the firm is not producing anything. Therefore, its total loss is equal to its total fixed cost (TFC).
TFC is the cost of production that does not vary with the level of output. It includes costs such as rent, insurance, and depreciation. These costs must be paid even if the firm produces nothing.
Therefore, at the shutdown point, a firm will produce no output, its total revenue will be zero, its total variable cost will be zero, and its total loss will be equal to its TFC.