P represents the population in millions.
An exponential function with a positive exponent means function increases with time t.
An exponential function with a negative exponent means function decreases with time t.
So we're looking for a function with a NEGATIVE exponent.
Also, since question says population will remain CONSTANT at the minimum of 2 (millions) insects, so it should not be a function of time t.
Therefore this condition should be written as P>=2 (millions) [and not 2t].
Given the above information, it will be up to you to choose the correct answer choice.