Wolfgang is a typical producer in a perfectly competitive piano industry {i.e.' all other producers of Pianos (0] Hours (L) Raw Materials [5} pianos face the same costs as Wolfgang). The following production and cost data apply to the g 0 0 long run as well as the short run. Fixed costs {rent} are unrecoverable in the short run and are 1 1m 1000 equal to $2400 per month. Variable costs consist of raw materials (wire, wood. plastic}, which cost 2 150 2000 $1000 per piano, and the $40 per hour opportunity cost of Wolfgang's time. Wolfgang's production 3 240 3000 function is given in the table at right. 4 4m 4000 Wolfgang will shut down if the price per piano is less than $5000. $3000. V $4000. None of the a hove. The long run equilibrium price is equal to $4000. II $3000. V $5000. None of the a hove. In the short run. Wolfgang will produce pianos if the price per piano is $3500. pianos if the price per piano is $4500. and pianos if the price per piano is $5500. Q) A. 0; 1; 3 O B. 2; 3; 3 C) C. 0; 2; 3 OD.1;2;3