Managerial Economics

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Questions and Answers

Which term refers to attaining maximum output with the least possible input?

  • Scarcity
  • Effectiveness
  • Efficiency (correct)
  • Shortage

What is the study of how society manages its scarce resources called?

  • Economy
  • Utility
  • Managerial Economics (correct)
  • Opportunity Cost

Which term describes the condition where the demand for a service cannot be met by the current supply?

  • Effectiveness
  • Shortage (correct)
  • Utility
  • Scarcity

What is the term economists use to describe the sacrifices made when making a decision due to scarcity?

<p>Opportunity Cost (C)</p> Signup and view all the answers

What is the term used to describe an individual's pleasure, happiness, or satisfaction?

<p>Utility (B)</p> Signup and view all the answers

Which term refers to the temporary condition where the demand for a service cannot be met by the current supply?

<p>Shortage (B)</p> Signup and view all the answers

What is the study of how society manages its scarce resources called?

<p>Economy (C)</p> Signup and view all the answers

Which term describes attaining maximum output with the least possible input?

<p>Efficiency (C)</p> Signup and view all the answers

What is the term economists use to describe the sacrifices made when making a decision due to scarcity?

<p>Opportunity Cost (A)</p> Signup and view all the answers

What is the term used to describe an individual's pleasure, happiness, or satisfaction?

<p>Utility (A)</p> Signup and view all the answers

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