Below,the Graph on the Left Shows Long-Run Average and Marginal

Multiple Choice

Below,the graph on the left shows long-run average and marginal cost for a typical firm in a perfectly competitive industry.The graph on the right shows demand and long-run supply for an increasing-cost industry. If this were a constant-cost industry,what would be the price when the industry gets to long-run competitive equilibrium?

A) between $35 and $20
B) $35
C) $20
D) below $20
E) above $35