The long-run market supply curve in a competitive market will

a. always be horizontal.
b. be the portion of the MC that lies above the minimum of AVC for the marginal firm.
c. typically be more elastic than the short-run supply curve.
d. be above the competitive firm's efficient scale.

The answer is C.

Explanation:

Competitive market i.e perfect competitive market is the type of market that has many sellers and buyers, the products are identical or similar, no seller or buyer can influence the price of the products, there is low barriers to entry.

This market has a well defined supply curve. The long-run supply curve is a horizontal straight line which is equal to the minimum average cost. Because it is elastic, the price would remain the same irrespective of the output. So it is more sensitive to price(cost of production) in the long run.

The cost of goods sold for the period is $387,200

Explanation:

To compute the cost of goods sold, we have to use the formula of cost of goods sold which is shown below:

Cost of goods sold = Beginning finished goods inventory + Cost of goods manufactured - ending finished goods inventory

where,

Beginning finished goods inventory is $72,400

The  Cost of goods manufactured is $246,400

And, the ending finished goods inventory is $68,400

Now, put these values to the above formula

So, the answer would be equal to

= $72,400 + $246,400 - $68,400

= $387,200

Hence, the cost of goods sold for the period is $387,200