The graph shown displays the cost curves for a firm in a perfectly competitive market. Assume that all firms in this market have identical cost structures. Which of the following statements is true? 
In the long run, the market price will be $80.In the long run, this firm will produce 70 units.This firm should shut down in the short run but produce in the long run.
A) I only
B) II and III only
C) I and II only
D) II only
Correct Answer:
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