managerial economics

What is Supply?

• how much of a good will be offered for sale at a given time

• How much of a good will be purchased

• Distributing the goods

• Marketing the Goods

What are the four basic economic questions?

The most important function in managerial economics     

• Application of theory and concept

• Decision making

• Data gathering

• Economic Analyzation

Which of the following is not considered as a factor of production?     

• money

• machinery and equipment

• land

• unskilled labor

Select the group that best represents the basic factors of production.     

• land, labor, capital, entrepreneurship

• land, labor, money, management skills

• land, natural resources, labor, capital

• land, labor, capital, technology

Price elasticity of demand for a particular good is defined as

• Percentage change in the price of the good for each percentage change in quantity demanded of the good

• Percentage change in the quantity of the good for each percentage change in the price of the good

• Change in the price of the good for each unit change in quantity demanded of the good

• Change in the quantity of the good for each unit change in the price of the good

What are the functions of demand in Managerial Economics?

• Regulatory compliance, employee training, financial reporting

• Market segmentation, cost analysis, competitor analysis

• Price determination, market forecasting, production planning, resource allocation, strategic decision-making

• Customer service, advertising, inventory management

The opportunity cost of an action is the

• Monetary payment the action required

• Value of the most highly valued alternative action given up

• Cost of all alternative actions that could have been taken

• None of these

Implicit demand is also known as ____ demand

• Derived

• Elastic

• Inelastic

• Explicit

Generally the relationship between price and demand is _____ .

• Inverse

• Direct

• Positive

• Equal