Managerial Economics

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

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

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

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

A. more than utility, but less than infinity

B. equal to unity

C. less than unity, but more than zero

D. equal to zero

A. change in income

B. change in taste

C. change in price

D. change in price of substitute

A. absolutely correct

B. absolutely wrong

C. partially correct

D. can't be explained

A. A horizontal demand curve

B. A vertical demand curve

C. An upward rising demand curve

D. A downward sloping demand curve

A. At the maximum average cost

B. By the optimum firm

C. At the minimum average cost

D. At zero marginal cost

A. Perfect competition

B. Oligopoly

C. Monopoly and imperfect competition

D. Monopoly only

A. $$\frac{{{\text{M}}{{\text{U}}_{\text{x}}}}}{{{{\text{P}}_{\text{x}}}}} > \frac{{{\text{M}}{{\text{U}}_{\text{y}}}}}{{{{\text{P}}_{\text{y}}}}} > \frac{{{\text{M}}{{\text{U}}_{\text{z}}}}}{{{{\text{P}}_{\text{z}}}}} > {\text{M}}{{\text{U}}_{\text{m}}}$$

B. $$\frac{{{\text{M}}{{\text{U}}_{\text{x}}}}}{{{{\text{P}}_{\text{x}}}}} = \frac{{{\text{M}}{{\text{U}}_{\text{y}}}}}{{{{\text{P}}_{\text{y}}}}} = \frac{{{\text{M}}{{\text{U}}_{\text{z}}}}}{{{{\text{P}}_{\text{z}}}}} = {\text{M}}{{\text{U}}_{\text{m}}}$$

C. $${\text{M}}{{\text{U}}_{\text{x}}}.{{\text{P}}_{\text{x}}} = {\text{M}}{{\text{U}}_{\text{y}}}.{{\text{P}}_{\text{y}}} = {\text{M}}{{\text{U}}_{\text{z}}}.{{\text{P}}_{\text{z}}}$$

D. $$\frac{{{\text{M}}{{\text{U}}_{\text{x}}}}}{{{{\text{P}}_{\text{x}}}}} < \frac{{{\text{M}}{{\text{U}}_{\text{y}}}}}{{{{\text{P}}_{\text{y}}}}} < \frac{{{\text{M}}{{\text{U}}_{\text{z}}}}}{{{{\text{P}}_{\text{z}}}}} < {\text{M}}{{\text{U}}_{\text{m}}}$$

A. amount of GNP not consumed

B. excess of income over consumption plus the net taxes

C. sum of retained earnings and depreciation amounts

D. excess of disposable income over consumption

A. these are gifts from the government to the recipients

B. their opportunity cost is zero

C. such payments may not ultimately reach the recipients

D. no corresponding production of goods and services has taken place to match the paymerit of such funds