20. Consider a. perfectly competitive industry where each rm has a longrun cost function C(q) = Q3 201512 + 120:}. The industry demand curve is given by Q = 1000 40p, where Q represents industry output and p is the market price. In the longrun equilibrium, each rm rm will produce (a) 5 units. (b) 10 units. (c) 20 units. (d) 50 units