I've just added a new product and marked it as active. Now I'd like to link a few opportunities to this new product but it's not showing up in either the Opportunity "Add Product" page or the Price Books editor.
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It could be due to the currency on the new product and on the opportunity you are tyring to add it to. See this article from documentation
It also could be that it isnt added to a pricebook for that opportunity. You need to make sure that you have added the product to the price books that you want it associated with.
Here is some helpful documentation on Products and Pricebooks