A firm operates in a perfectly competitive market where the market price is p=$215. The firm's total cost of production is given by the following equation: TC(q) = 50 + 20q²+ 15q, where q is the quantity supplied. When this firm maximizes profit, what is the optimal quantity to produce in the short run and what will happen in the long run?

Group of answer choices

• q=0(shut-down) both in the long run and in the short run
• q=5 in the short run and in the long run new firms will enter
• q=5 in the short run and in the long run some firms will exit
• q=0 in the short run and q=5 in the long run
• None of the above.