QUESTION 12 Nick sells pizza in a perfectly competitive market. The pizza industry has experienced a large increase in demand for pizzas. Consequently, Nick has been able to make economic profits. 1. In this situation, new pizza businesses will try to enter the market. 2. Nick will not be recovering his opportunity cost. 3. Nick is a price maker. Which of the above statements are true: O Onlyt is true. O Only 2 is true. O Both '1 and 2 are true. O Both 2 and 3 are true. C) All three are true