Multiple Choice
Refer to the graph shown, which depicts a perfectly competitive firm. If the price of the product is $3: 
A) new firms will enter the industry.
B) the firm will just cover its opportunity cost of production.
C) the industry will be in long-run equilibrium.
D) the firm may continue to operate in the short run but will exit the industry in the long run.
Correct Answer:
Verified
Correct Answer:
Verified
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