Managerial Economics

The study of customers, competitors, suppliers, and internal operations of a company

The study of the production, distribution, and consumption of goods and services

The application of economic methods in the organizational decision-making process (correct)

The use of economic theories and principles to make decisions regarding the allocation of scarce resources

The allocation of scarce resources

The production, distribution, and consumption of goods and services

The optimization of profits and resource allocation

The customers, competitors, suppliers, and internal operations of a company (correct)

Optimizing profits and resource allocation

Analyzing practical problems at both micro and macroeconomic levels (correct)

Forecasting levels of risk and uncertainty

Making decisions about the future