A market that has no barriers to entry and many small firms selling products that are slightly different from one another is best described as:

Suppose an oligopolistic firm raises the price of its output. Demand for the firm's output will be relatively price ________ if the other dominant firms in the market ________

A) elastic; do not raise price B) unit elastic; do not raise price C) inelastic; also raise price D) cannot be determined

Monetarists believe that:

a. velocity is constant. b. velocity is highly predictable. c. there are three motives for demanding money. d. changes in the money supply cause changes in velocity. e. a change in the money supply can affect real GDP.