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Manager correct answers a decision maker: Labor and capital (inputs of production), Inventory (Supply) Economics correct answers a social science that examines conditions of scarcity and how individuals respond to scarcity. (Shortages; time and other resources) Managerial economics correct ans...

d. As the size of the firm increases it becomes more difficult to coordinate the operations of its manufacturing plants. correct answers Which of the following is a reason why a firm would experience diseconomies of scale? a. As the size of the firm increases, it becomes more difficult to find mark...

Managerial economics is best defined as the economic study of: correct answers how businesses can decide on the best use of scarce resources. Managerial economics helps managers correct answers make decisions in the face of scarcity. Microeconomics includes the study of the correct answers cho...

A firm's managers are constrained by A) consumers. B) workers. C) government. D) All of the above. correct answers D.) All of the above 2) Which of the following would be categorized as an opportunity cost? a. not being able to spend your $10,000 savings if you sink the money in your busi...

Managerial Economics correct answers Helps managers make decisions in the face of scarcity. Economic Costs of Production vs. Accounting Costs correct answers Economic costs add the opportunity costs of a firm using its own resources while accounting costs do not. Margie's Profit Maximization ...

According to the profit-maximization goal, the firm should attempt to maximize short-run profits since there is too much uncertainty associated with long-run profits. correct answers . False If Melissa owns a software company that incurs no fixed costs, then correct answers her total cost equals ...

Define manager correct answers someone who directs resources to achieve a stated goal In what ways does a manager direct economic resources (3) correct answers 1. directs efforts of others 2. purchases inputs used in the production of a firms output 3. directs the product or price or quantity d...

Managerial economics is best defined as the economic study of: a. how businesses can sell the most products. b. how businesses can operate at the lowest costs. c. how businesses can decide on the best use of scarce resources. d. how businesses can make the most profits. correct answers c. how b...

Microeconomics studies the allocation of correct answers scarce resources Managerial Economics correct answers helps managers make decisions in the face of scarcity Microeconomics models are used to correct answers make predictions explain real-life phenomena evaluate production alternatives...

Microeconomics studies the allocation of A) decision makers. B) scarce resources. C) models. D) unlimited resources. correct answers b Managerial economics A) describes how pay for managers is set. B) ensures managers always make good decisions. C) helps managers make decisions in the face...

If the price of steel increases drastically, the quantity of steel demanded by the building industry will fall significantly over the long run because Select one: a. buyers of steel are less sensitive to a price change if they have more time to adjust to the price change. b. buyers of steel are m...

Elvira decreased her consumption of bananas when the price of peanut butter increased. For Elvira, peanut butter and bananas are A) substitutes in consumption. B) both inferior goods. C) complements in consumption. D) both luxury goods. correct answers c A change in which variable will change...

If, when a firm double all its inputs, its average cost of production decreases, then production displays correct answers economies of scale The long-run average cost curve shows correct answers the lowest average cost of producing every level of output in the long run All of the following sta...

Economies of scale exist as a firm increases its size in the long run because of all the following except: correct answers As a firm expands its production, its profit margin per-unit of output increases Over the past twenty years, the number of small family farms has fallen significantly and in...