Use the provided figures to answer the following question. The graphed market and firm are perfectly competitive. Suppose the market starts in equilibrium where Supply 1 intersects with Demand. Gasoline is a primary input for the firms in this market. The price of gasoline goes up because the Organization of Petroleum Exporting Countries (OPEC) decreases the supply of oil to the US. In the long-run we would expect equilibrium price to be ___________ and the total number of firms in the market to __________.

• A.P1; increase
• B.P2; decrease
• C.P3; decrease
• D.None of the above