The money supply would tend to fall if the Fed

In monopolistic competition, profits well in excess of costs are unlikely because _____.

(A) Customers always return to the product that is least expensive, even if the quality of that product is much lower. (B) Established rivals and new firms would lure customers away with slightly different and/or cheaper products. (C) Excess output can be maintained only for short periods. (D) Nonprice competition only works for the short term.

Employing utilitarianism as a measure of the public interest _____

a. is inconsistent with the concept of a social welfare function b. attempts to minimize the problems associated with market failure c. attempts to maximize total utility in a society d. avoids comparing individual's utilities