Managerial economics is best defined as the economic study of
A) how businesses can make the most profits.
B) how businesses can decide on the best use of scarce resources.
C) how businesses can operate at the lowest costs.
D) how businesses can sell the most products.
B
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A profit-maximizing farmer will apply additional units of fertilizer until the marginal revenue product (MRP) of fertilizer is half the MRP of skilled labor when a unit of fertilizer
a. costs twice as much as a unit of skilled labor. b. costs half as much as a unit of skilled labor. c. is half as productive, on average, as a unit of skilled labor. d. is twice as productive, on average, as a unit of skilled labor.
Volume, as reported in stock tables, refers to the
a. number of shares traded. b. percentage of shares outstanding traded. c. number of shares traded times the price they sold at. d. number of shares of a company traded divided by the shares of all companies traded.