[Solved] Figure 12-17 the Graphs in Figure 12-17 Represent the Perfectly

Question 249
Multiple Choice

Figure 12-17 img The graphs in Figure 12-17 represent the perfectly competitive market demand and supply curves for the apple industry and demand and cost curves for a typical firm in the industry.
-Refer to Figure 12-17. Which of the following statements is true?

A) The current market price is $3, but the firm will be able to increase the price in the future.
B) The current market price is $3, but the price will fall in the long run as a result of a decrease in demand.
C) The current market price is $3, but the price will fall in the long run as new firms enter the market.
D) The current market price is $3, but the price will increase in the future as the market demand increases.

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