-Ralph's "Roll Free Rolling Pin" Factory Used to Be the Only

Multiple Choice

-Ralph's "Roll Free Rolling Pin" factory used to be the only business of its type but now faces many competitors in its market, each having a similar but differentiated product. Which of the panels in Exhibit K-4 is the most appropriate representation of Ralph's long-run situation producing "q" units of output?

A) Panel 1
B) Panel 2
C) Panel 3
D) Panel 4
E) Panel 5