Suppose That for the Individual Firm in a Competitive Market

Multiple Choice

Suppose that for the individual firm in a competitive market, LRMC = 4Q - 20 and LRAC = 2Q - 20
+ 100/Q. If this is a constant cost industry, then the long- run supply curve will be:

A) horizontal at P = 8 3.
B) horizontal at P = 50.
C) undetermined without knowing the number of firms in the market.
D) vertical at Q = 5.