Which of the following is true?

• A.Long run equilibrium implies that a monopolist may or may not be minimizing average total cost.
• B.Long run equilibrium implies that a monopolist is not minimizing average total cost.
• C.In the long run, a monopolist can not earn positive profits.

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Which function of money is related to the precautionary demand for money?

• A.A medium of exchange.
• B.A way of storing wealth.
• C.A measure of value and unit of account.

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Which of the following statements is not true when it comes to conducting hypothesis tests about the equality of the variances of two populations?

• A.Two distinct degrees of freedoms are used, one representing each population, in order to determine the critical value.
• B.This type of test mandates that the underlying populations be normally distributed.
• C.The not equal to alternative hypothesis implies that if the test statistic is greater than critical value implied by the level of significance, then the null hypothesis is rejected.

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Cost Date Quantity Per Unit Total Cost Jan 1, Beginning Inventory 100 $18.00 $ 1,800.00 Mar 4,
Purchase 400 19.00 7,600.00 Apr 1, SOLD 50 UNITS May 2, Purchase 100 20.00 2,000.00
In a perpetual system, what is the average cost per unit after the May 2 purchase?

• A.$19.02
• B.$18.80
• C.$18.20

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Dora receives $10 for each pizza that she sells. However, the marginal cost of pizza production increases with each pizza produced. The marginal cost of the first pizza is $1. How many pizzas will Dora sell?

• A.Dora will sell only one pizza, because the first pizza costs the least.
• B.Dora will sell pizzas until the marginal cost of the last pizza is $10.
• C.We cannot tell what Dora should do from the information given.

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