Suppose a perfectly competitive firm has a long-run total cost function C(y)=4y+64 for y>0 and C(0)=0. Its long-run supply function is given by

Group of answer choices

y=p/4 if p>16, y=0 if p<16.

y=p/8 if p>16, y=0 if p<16.

y=p/8 if p>32, y=0 if p<32.

y=p/8 if p>64, y=0 if p<64.

y=p/4 if p>32, y=0 if p<32.