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Suppose that for each firm in the competitive market for potatoes, long-run average cost is minimized at $0.20 per pound when 500 pounds are grown.

Suppose that for each firm in the competitive market for potatoes, long-run average cost is minimized at $0.20 per pound when 500 pounds are grown. The demand for potatoes is Q(P) = 10,000/P

If the long-run supply curve is horizontal, then how much will consumers spend, in total, on potatoes?

a. $0

b. $500

c. $10,000

d. $50.000

Which is the correct answer and why?

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