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Managerial Economics and Business Strategy Questions And Answers
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price falls, output falls ~ The switch to the use of ethanol in gas is driven primarily by its relatively lower price. Assuming a competitive market, what effect would this change have on the equilibrium price and output for gasoline Shift the supply curve to the left ~ A specific tax on...

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  • August 8, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • managerial economics and business strategy questi

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Managerial Economics and
Business Strategy Questions
And Answers

How businesses can decide on the best use of scarce resources.


✓~ Managerial Economics is best defined as the economic study of




We should consider shifting to products where we can earn even more money


✓~ Which of the statements below best illustrates the use of the market process

in determining the allocation of scarce resources?




Providing good products/services to its customers


✓~ The best example of an economic goal of a firm is




All of the above


✓~ A large corps profit objective may not be profit or wealth maximization,

because

, Amount of profit necessary to keep the price of a firms stock from changing


✓~ A firms normal profit is best characterized by the




The change in supply


✓~ A movement along a demand curve may be caused by a change in




The price of fish increases


✓~ Which of the following would cause a decrease in the demand for fish




Firms will devote less variable inputs in the production of this good


✓~ If the price of a substitute increases which of the following is most likely to

happen in the market for the product in short run




A change in the price of X


✓~ Which of the following will not cause the demand curve for good X to shift




Income, preferences, or number of buyers change


✓~ Which of the following is correct? The supply curve will shift when

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