Equilibrium constant of a reversible reaction:

The correct option is C May increases or decrease with temperature
$K=V/\left[A\right]$, with increase in temperature at a given concentration, velocity increases and Hence rate constant increases i.e. rate constant depends upon temperature. For a reversible reaction $K_{equi}=K_f/K_b$ and with increase in temperature $K_f$ and $K_b$ may increase or decrease.