Which is assumed to be most limited in scope under a market system?

You can think of velocity as:

A. how much output money can buy. B. how quickly prices are rising. C. how often money changes hands. D. the ratio of the money supply to the inflation rate.

Which of the following is a difference between a monopolistically competitive market and a perfectly competitive market in the long run?

A) Firms in a monopolistically competitive market earn zero economic profits in the long run, while firms in a perfectly competitive market earn positive economic profits in the long run. B) Firms in a monopolistically competitive market earn zero economic profits in the long run, while firms in a perfectly competitive market incur losses in the long run. C) Firms in a monopolistically competitive market charge a price higher than marginal cost in the long run, while firms in a perfectly competitive market charge a price equal to marginal cost in the long run. D) Firms in a monopolistically competitive market charge a price lower than marginal cost in the long run, while firms in a perfectly competitive market charge a price equal to marginal cost in the long run.