Business Economics Quiz

To manipulate consumer preferences

To ignore consumer behavior

To understand consumer behavior and preferences (correct)

To focus solely on production costs

Fixed quantity demanded regardless of price changes

Responsiveness of quantity demanded to price changes (correct)

Unpredictable changes in quantity demanded

Quantity demanded without considering price changes

Maximizing revenue without considering costs

Maximizing profits and minimizing costs (correct)

Maximizing costs without considering revenue

Minimizing profits and maximizing costs

<p>The allocation of resources in business</p> Signup and view all the answers

<p>It helps in decision-making by comparing the costs and benefits of various options</p> Signup and view all the answers

<p>It helps businesses understand and respond to competitive forces</p> Signup and view all the answers