question
Managerial economics is best defined as the economic study of:
answer
How businesses can decide on the best use of scarce resources
question
Managerial economics:
answer
Helps managers make decisions in the face of scarcity
question
Microeconomics includes the study of the:
answer
Choices made by individuals and businesses
question
The form of economics most relevant to managerial decision-making within the firm is
answer
Microeconomics
question
CEOs should focus on:
answer
Maximizing firm profits
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Managerial economics generally refers to the integration of economic theory with business:
answer
Practice
question
A managerial decision is not profitable if:
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It increases costs more than revenue
question
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
answer
False
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