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Managerial Economics Quiz 21 (20 MCQs)

Quiz Instructions

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1. Competitors
2. ..... is the change in total cost consequent upon a decision.
3. It is the stage model of change that narrows product lines to those offering the greatest revenue potential.
4. The Value of the firm decreases with a decrease in
5. In monopolistic competition, firms achieve some degree of market power
6. A demand curve is said to be elastic when an increase in price reduces the quantity demanded a lot (and vice-versa).
7. An analytical technique used to study relations among costs, revenues and profit.
8. Illustration 1:Marginal Benefit = P45 < Marginal Costs = P50 YOU SHOULD BUY!Illustration 2:Marginal Benefit = P85 > Marginal Costs = P50 YOU SHOULD BUY!
9. Product A has a Price Elasticity of Demand (PED) of (-4). Price falls from $ 20 to $ 19. Qd rises from 100 units to:
10. It helps the organization and management in determining the strong features of the optimal choice of action
11. Increase in custom duty of raw material by government may ..... Supply
12. As the price of a good increases, the quantity supplied increases, holding other factors affecting supply constant.
13. The firm has monopoly in
14. The narrower the classification, the more likely the consumer will be to find substitutes, making the demand elastic.
15. The ability of a company to survive in the business is
16. Price floor is the minimim legal price that can be charged in a market.
17. Scarcity is a condition that exists when
18. In changes in Supply, Increase in supply only 1. Decrease equilibrium price 2. Increase equilibrium quantity
19. Price elasticity of demand for a particular good is defined as
20. Managerial Economics is the integration of ..... with ..... for solving business and management problems.
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