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Suppose the printing industry is perfectly competitive and George owns one of the firms in the industry

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Suppose the printing industry is perfectly competitive and George owns one of the firms in the industry. The firm's production requires one fixed input--a printing machine--and two variable inputs--paper and ink. Suppose George purchased the printing machine for $100. Also suppose that the average variable cost (VAC) or producing q units of output is equal to q + $20 per unit of output. You also know that the market demand for printing products is given by P = 50 - 2Q and there are a total of 4 identical firms in the market in the short run.

You know that the firm's marginal cost function (MC) is equal to 2q + 20.

What is the total quantity of printing products purchased in the market in the short run?

a) The total quantity purchased is Q = 7.5 units.

b) The total quantity purchased is Q = 3 units.

c) The total quantity purchased is Q = 22 units.

d) The total quantity purchased is Q = 12 units.