Managerial Economics Quiz
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.
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
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