busniss

Which branch of economics focuses on applying economic concepts to business decision-making?

• ) Microeconomics

• Macroeconomics

• Managerial Economics

• Financial Economics

What is the primary goal of managerial economics?

• Maximizing government revenue

• Minimizing consumer spending

• Optimizing resource allocation

• Reducing market competition

What economic concept refers to the quantity of a good or service that consumers are willing and able to buy at various prices?

• Supply

• Market Equilibrium

• Demand

• Elasticity

What term describes the point where the quantity demanded equals the quantity supplied in a market?

• Price Ceiling

• Market Equilibrium

• Demand Curve

• Supply Curve

Elasticity of demand measures:

• How much consumers are willing to pay for a product

• The responsiveness of quantity demanded to price changes

• The impact of government regulations on demand

• The total revenue generated by a product

Elasticity of supply measures:

• The responsiveness of quantity supplied to price changes

• The impact of advertising on supply of price

• The cost of production for a product of price changes

• The market share of a company

Which demand forecasting technique involves using historical data to predict future demand patterns?

• Regression analysis

• Delphi method

• Market research

• Time series analysis

Which demand forecasting technique relies on expert opinions and consensus to predict future demand?

• Regression analysis

• Delphi method

• Market research

• Time series analysis

Why is demand forecasting important for businesses?

• To make decisions based on random guesses

• To plan production and inventory level

• To ignore market trends

• To increase costs

Which of the following is a common method used for demand forecasting in managerial economics?

• Guesswork

• Magic

• Regression analysis

• Wishful thinking