Demand in Managerial Economics

Demand in Managerial Economics

University

15 Qs

quiz-placeholder

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Demand in Managerial Economics

Demand in Managerial Economics

Assessment

Quiz

Specialty

University

Medium

Created by

Dr. Khan

Used 1+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the meaning of demand in Managerial Economics?

The number of competitors in the market

The total amount of a product available for purchase

The cost of producing a product

Quantity of a product or service that consumers are willing and able to purchase at various prices during a specific period.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the functions of demand in Managerial Economics?

Regulatory compliance, employee training, financial reporting

Market segmentation, cost analysis, competitor analysis

Price determination, market forecasting, production planning, resource allocation, strategic decision-making

Customer service, advertising, inventory management

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Explain the Law of Demand in Managerial Economics.

The Law of Demand states that as the price of a product decreases, the quantity demanded by consumers decreases.

The Law of Demand in Managerial Economics states that as the price of a product decreases, the quantity demanded by consumers increases, and as the price of a product increases, the quantity demanded by consumers decreases.

The Law of Demand states that as the price of a product increases, the quantity demanded also increases.

The Law of Demand states that price and quantity demanded are not related.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a demand schedule?

A demand schedule is a table showing the quantity of a good or service that consumers are willing and able to purchase at various prices during a specific period.

A demand schedule is a chart showing the supply of a product over time

A demand schedule is a list of prices for a specific good or service

A demand schedule is a tool used to forecast future consumer preferences

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Describe the demand curve in Managerial Economics.

The demand curve in Managerial Economics is vertical

The demand curve in Managerial Economics is a straight line

The demand curve in Managerial Economics is not affected by price changes

The demand curve in Managerial Economics shows the inverse relationship between price and quantity demanded.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does price affect demand according to the Law of Demand?

Price and quantity demanded have a direct relationship.

Price and quantity demanded have an inverse relationship as per the Law of Demand.

Price only affects supply, not demand.

Price has no impact on demand.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What factors can cause a shift in the demand curve?

Changes in consumer income, prices of related goods, consumer preferences, population demographics, and consumer expectations.

Weather conditions

Changes in government regulations

Technological advancements

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