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