Refer to the above figure. Which panel represents the long-run situation for a monopolistically competitive firm?

An answer to the question "For whom" determines:

A) tastes and preferences. B) how resources are combined in production. C) the kinds and quantities of goods produced. D) who gets the goods and services produced.

If in the short run the demand for mass transit is relatively inelastic and in the long run the demand is relatively elastic, then a price ________ will ________ total revenue in the short run but ________ total revenue in the long run.

A. decrease; decrease; decrease B. decrease; increase; decrease C. increase; decrease; increase D. increase; increase; decrease