0 0 Refer to the diagram above for a purely competitive producer. If product price is P3, 0 A. new firms will enter this industry. 0 B. the firm will maximize profit at point d. O C. economic profits will be zero. 0 D. the firm will earn an economic profit. Select the best answer for the question. Marginal Product Marginal and Average Product O In the diagram above, the range of diminishing marginal returns is o A. 0103. 0 B. 0102. 0 G. 001. 0 D. 002. Demand ______.l_______ 0 C?3 02 Q, Quantity Marginal Revenue Refer to the diagram. This firm is selling in O A. a market in which there are an extremely large number of other firms producing the same product. 0 B. a market in which demand is elastic at all prices. 0 C. a purely competitive market. 0 D. an imperfectly competitive market