The market for corn is perfectly competitive and is characterized by the following:

• Short-run market price: $5/unit
• Market Demand: P = 100 - Q

where Q denotes total quantity of units of corn sold per day (in thousands) and P is the price per unit in dollars.

Each firm that produces corn has is characterized by the following long-run cost curves:

• Total Cost = 2q² + 242
• Marginal Cost = 4q

where q is the quantity of units of corn sold per day by each firm (in hundreds).

Find the long-run equilibrium price (P), firm-level quantity (q), and market quantity (Q).

Group of answer choices

a. In the long-run, P = $44, q = 11, and Q = 56

b. In the long-run, P = $22, q = 10, and Q = 80

c. In the long-run, P = $5, q = 1.25, and Q = 95

d. In the long-run, P = $20, q = 5, and Q = 80

e.There is not enough information to determine long-run equilibriums.