In the figure above, the quantity of sugar beets produced is ________ million tons per year, and the quantity bought by consumers is ________ million tons per year

If all firms in the industry have similar demand, marginal revenue, and cost curves as the firm in the figure above, in the long run

A) nothing changes. B) some firms exit the industry and the economic losses of the remaining firms decrease. C) some firms exit the industry and the economic profits of the remaining firms increase. D) new firms enter the industry and the economic losses of the original firms decrease. E) new firms enter the industry and the economic profits of the original firms increase.

If a seller lowers the price of a product when demand is price inelastic, the seller can expect revenues to

A) rise. B) fall. C) stay the same. D) either rise or fall, but it is impossible to determine which.