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Questions and Answers
Which of the following is an example of microeconomics in business?
Which of the following is an example of microeconomics in business?
- Assessing the impact of government regulations on industry standards
- Studying the effects of inflation on the national economy
- Analyzing the impact of a minimum wage increase on a company's labor costs (correct)
- Evaluating the overall consumer spending patterns in a country
What is the primary focus of business economics?
What is the primary focus of business economics?
- Maximizing market share through aggressive advertising
- Minimizing costs through downsizing
- Maximizing profits through efficient resource allocation (correct)
- Maximizing revenue through price discrimination
What is the goal of demand forecasting in business economics?
What is the goal of demand forecasting in business economics?
- To calculate the total market potential for a particular industry
- To estimate future customer demand for a product or service (correct)
- To analyze past sales data for accounting purposes
- To determine the optimal production schedule for a manufacturing plant
