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Managerial Economics

5 answers

Managerial economics helps in decision-making as it involves _______________
  • mathematics
  • logical thinking Correct
  • science
  • values
Managerial Economics is a__________________ dealing with effective use of scarce resources It guides the managers in taking decisions relating to the firm's customers, competitors,suppliers as well as relating to the internal functioning of a firm
  • math
  • civics
  • science Correct
  • communication
The use of ManagerialEconomics is not limited to profit-making firms and organizations; but it can also be used to help in ______________________ of non-profit organizations(hospitals, educational institutions, etc)
  • meditation
  • computation
  • decision-making process Correct
  • negotiation skills
This is the third question in solving issues using managerial economics
  • What goods and services should be produced and in what amount/quantities?
  • Who should consume and claim the goods and services produced by the firm? Correct
  • How to produce goods and services?
While microeconomics is the study of decisions made regarding the allocation of resources and prices of goods and services, ___________________ is the field of economics that studies the behavior of the economy as a whole (ie entire industries and economies)
  • boosted economy
  • recreational economy
  • mega economics
  • macroeconomics Correct
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