Step 1: Set up the motion.
Two equal masses (unit mass) start at $A$ and run around a unit-radius circle with the same angular speed $\omega$ but in opposite directions. Let each move with speed $v$.
Step 2: Write the velocity of each particle.
With angle swept $\theta = \omega t$, one particle has $\vec v_1 = v(-\sin\theta\,\hat i + \cos\theta\,\hat j)$ and the other $\vec v_2 = v(\sin\theta\,\hat i + \cos\theta\,\hat j)$.
Step 3: Add the momenta.
Since masses are unity, $\vec P = \vec v_1 + \vec v_2$. The $\hat i$ parts cancel and the $\hat j$ parts add: $\vec P = 2v\cos\theta\,\hat j$.
Step 4: Take the magnitude.
\[ P = 2v\,|\cos(\omega t)| \]
Step 5: Track how P changes.
At $t=0$, $\cos 0 = 1$ so $P$ is maximum; as the particles approach the meeting point, $\cos(\omega t)$ passes through zero, so $P$ dips to zero and rises again. The absolute value turns the smooth cosine dip into a sharp valley.
Step 6: Identify the shape.
Near the zero, $|\cos|$ looks like straight lines meeting at a point, giving a V-shaped graph, which is option C.
\[ \boxed{\text{V-shaped graph}} \]