Managerial Economics

A. Quantity of the services

B. Quantity of the product demanded and all the factors that affect this quantity

C. Quantity of the product demanded and all the profit

D. Product demand and cost

A. Multiplying price by number of units

B. Adding up the marginal utility of all units

C. Multiplying the number of units by its marginal utility

D. None of these

A. an inferior good

B. a noncyclical normal good

C. a cyclical normal good

D. neither a normal nor an inferior good

A. 19

B. 215

C. 20

D. 30

A. Firms producing at a cost higher than the minimum

B. The firms producing at their minimum costs

C. The firm producing with excess capacity

D. Some firms producing under decreasing costs and others under increasing costs

A. The market period

B. The short period

C. The long period

D. None of the above

A. If AR = AC, the firm earns only normal profit

B. If AR > AC, there is economic profit for the firm

C. If AR < AC, though only a theoretical possibly, the firm makes losses

D. All of the above

A. Seeks to earn net revenue on the sale of all goods including those involving no cost of production

B. Is able to earn net revenue in all time periods

C. Is able to charge different prices from different categories of buyers

D. Will produce below its economic capacity level when it exhibits satisfaction with the normal profits only

A. a-3, b-4, c-1, d-2

B. a-2, b-1, c-3, d-4

C. a-1, b-2, c-4, d-3

D. a-4, b-3, c-2, d-1

A. MC = MR

B. MC < MR

C. MC > MR

D. MC = MR = 1