I think so. There are a lot of very good 3-9X40 scopes made by Redfield, Burris, Leupold, Vortex, and Nikon as well as a few others that sell for right at $200. I have some more expensive scopes, but wouldn't hesitate to use any of the above brands $200 scopes. Going up to the 4-12X or greater will cost $50-$100 more.
If you want the most for the money, look for a sale or a discontinued model.