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Managerial Economics Quiz 14 (30 MCQs)

Quiz Instructions

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1. An analytical technique used to study relations among costs, revenues and profit.
2. Illustration 1:Marginal Benefit = P45 < Marginal Costs = P50 YOU SHOULD BUY!Illustration 2:Marginal Benefit = P85 > Marginal Costs = P50 YOU SHOULD BUY!
3. Product A has a Price Elasticity of Demand (PED) of (-4). Price falls from $ 20 to $ 19. Qd rises from 100 units to:
4. It helps the organization and management in determining the strong features of the optimal choice of action
5. Increase in custom duty of raw material by government may ..... Supply
6. As the price of a good increases, the quantity supplied increases, holding other factors affecting supply constant.
7. The firm has monopoly in
8. The narrower the classification, the more likely the consumer will be to find substitutes, making the demand elastic.
9. The ability of a company to survive in the business is
10. Price floor is the minimim legal price that can be charged in a market.
11. Scarcity is a condition that exists when
12. In changes in Supply, Increase in supply only 1. Decrease equilibrium price 2. Increase equilibrium quantity
13. Price elasticity of demand for a particular good is defined as
14. Managerial Economics is the integration of ..... with ..... for solving business and management problems.
15. Managerial economics is concerned with finding the solutions for different managerial problems of a particular firm.
16. Economic problem generally arises due to which of the following elements?
17. A market structure in which a single firm serves an entire market for a good that has no close substitutes is called
18. Microeconomics and managerial economics both encourage the use of quantitative methods to analyze economic data
19. When the budget line is tangential to any of the indifference curves, it leads to
20. If a manager wants to increase the price of the product due to increase in cost of production, he should analyze the price elasticity of demand for that product so that price rise is not followed by substantial fall in the demand of the product.
21. Managerial Economics' can help Managers as it is an 'amalgamation of economic theory with business practices to ease decision-making and future planning by management.
22. If the income elasticity of a particular good is negative 0.2, it would be considered
23. Customers should not re-sell the goods from the cheaper market to
24. The movement along a given indifference curve that results from a change in the relative prices of goods, holding real income constant.
25. According to the theory of Distribution, factors of production namely Land, Labor, Capital and Organization get their respective rewards in the form of .....
26. What is Elasticity of supply?
27. The use of Managerial Economics is not limited to profit-making firms and organizations. But it can also be used to help in the decision-making process of non-profit organizations such as hospitals, educational institutions, etc.
28. Price determination and cost control both are different things.
29. A person who directs resources to achieve a stated goal:
30. As price increases, quantity demanded decreases, but as price decreases, quantity demanded decreases.
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