Exploring Managerial Economics Concepts

Exploring Managerial Economics Concepts

University

10 Qs

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Exploring Managerial Economics Concepts

Exploring Managerial Economics Concepts

Assessment

Quiz

Other

University

Hard

Created by

ankur soni

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary focus of managerial economics?

Applying economic theory to business decision-making.

Maximizing shareholder wealth only.

Focusing solely on production efficiency.

Analyzing historical economic trends.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Explain the law of diminishing marginal utility.

The law of diminishing marginal utility describes how the additional satisfaction from consuming more of a good decreases as consumption increases.

The law of diminishing marginal utility states that more consumption always leads to greater satisfaction.

The law of diminishing marginal utility applies only to luxury goods and not to necessities.

The law of diminishing marginal utility indicates that utility increases indefinitely with consumption.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the indifference curve represent in consumer behavior?

A graphical representation of market demand.

A curve showing the price elasticity of demand.

A set of combinations of two goods providing equal satisfaction to the consumer.

A measure of a consumer's income level.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define the demand function and its significance.

The demand function defines the relationship between quantity demanded and price, indicating how much of a good consumers will buy at different price levels.

The demand function measures consumer income levels.

The demand function is only relevant for luxury goods.

The demand function shows the total supply of a product.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the law of demand and how does it affect pricing?

Lower prices have no effect on demand.

The law of demand states that demand is constant regardless of price.

The law of demand indicates that lower prices lead to higher demand and higher prices lead to lower demand.

Higher prices always lead to higher demand.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is elasticity of demand calculated and what does it indicate?

Elasticity of demand is calculated as the total revenue divided by the total cost.

Elasticity of demand measures the total quantity sold regardless of price changes.

Elasticity of demand is determined by the fixed costs of production.

Elasticity of demand is calculated as the percentage change in quantity demanded divided by the percentage change in price, indicating the sensitivity of demand to price changes.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Describe the law of supply and its implications for market equilibrium.

The law of supply indicates that higher prices lead to higher quantities supplied, influencing market equilibrium where supply equals demand.

The law of supply states that lower prices lead to higher quantities supplied.

Market equilibrium occurs when supply is greater than demand.

The law of supply suggests that prices have no effect on the quantity supplied.

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