For a long straight conductor carrying a current, the magnetic field at a distance \( r \) from the conductor is given by Ampere's Law:
\[
B = \frac{\mu_0 I}{2 \pi r}
\]
This shows that the magnetic field is inversely proportional to the distance \( r \) from the conductor. As the distance increases, the magnetic field decreases, following a hyperbolic curve, as shown in option (3).
Thus, the correct graph is (3).