Managerial Economics Quiz

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Managerial Economics Mastery Quiz

Test your knowledge and understanding of managerial economics with our engaging quiz! This quiz covers key concepts and principles that are essential for anyone interested in the field of economics.

Learn about important economic terms.
Challenge yourself with multiple-choice questions.
Assess your understanding of market dynamics.

14 Questions4 MinutesCreated by ThinkingScholar547

An amount received in the future is the amount that would have to be invested today at the prevailing interest rate to generate the given future value.

Present value

Net present value

Time value of money

Future value

This occurs because of the competing interests of consumers and producers. Consumers attempt to negotiate or locate low prices, while producers attempt to negotiate high prices.

Consumer–Producer Rivalry

Consumer–Consumer Rivalry

Producer–Producer Rivalry

Industry profits tend to be lower when suppliers have the power to negotiate favorable terms for their inputs.

Power of Buyers.

Power of Input Suppliers.

Industry Rivalry.

Substitutes and Complements.

Are the difference between the total revenue and the total opportu- nity cost of producing the firm’s goods or services.

Opportunity cost

Economic profits

Entry

Accounting Profits

Is the additional cost incurred by using an additional unit of the managerial control variable.

Marginal benefit

Marginal cost

Marginal analysis

Marginal Principle

As the price of a good rises (falls) and all other things remain constant, the quantity demanded of the good falls (rises).

Change in demand

Market demand curve

Change in quantity demanded.

Law of demand

Changes in the price of a good lead to a ______ of that good.

Change in demand

Change in quantity demanded.

Law of demand

Market demand curve

Changes in variables other than the price of a good, such as income or the price of another good, lead to a ______

Law of demand

Change in quantity demanded.

Change in demand

Market demand curve

A function that describes how much of a good will be purchased at alternative prices of that good and related goods, alternative income levels, and alternative values of other variables affecting demand.

Demand Function

Linear Demand Function

A curve indicating the total quantity of a good that all producers in a competitive market would produce at each price,

Market supply curve

Change in quantity supplied

Change in supply

Supply Shifters

Variables that affect the position of the supply curve

Change in quantity supplied

Change in supply

Supply Shifters

Market supply curve

Changes in the price of a good lead to a ______ of that good. This corresponds to a movement along a given supply curve.

Supply Shifters

Change in quantity supplied

Market supply curve

Change in supply

A representation of the supply function in which the supply of a given good is a _____ of prices and other variables affecting supply.

Linear supply function

Supply function

It is the amount of money producers receive in excess of the amount necessary to induce them to produce the good.

Producer surplus

Consumer surplus

Managerial Economics Quiz

Managerial Economics Mastery Quiz

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