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Business Economics Test 2
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Business Economics Test 2
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25 Questions

1. The cost that cannot be altered by present decision is known as________.
2. In case of increasing return production increase at _____.
3. Marginal utility curve of a give n consumer is also his _________.
4. Business economics is close to_____economics.
5. Market price and normal price ____ same
6. The supply can be adjusted according to the tastes of consumers in ____ period.
7. In black marketing goods are sold at a price_____ that the maximum price fixed by the government.
8. Expansion path is also called _________.
9. All cost ______in terms of money is explicit cost.
10. Classifying market as open market and black market is based upon _____.
11. There is ____ relationship between cost and profit.
12. ?=AFC+AVC
13. In case of _____ demand, a slight change in the price will make greater change in demand.
14. A cost function determines the behavior of costs with change in ------------
15. A monopolist will determine very____price for a commodity having inelastic demand.
16. Given the price, if the cost of production increases because of higher price of raw materials, the supply ___________________.
17. The price, on which demand and supply are ____, is called normal price.
18. Managerial economic provides_____solution to managerial problems.
19. In a perfectly competitive market _____ price for a commodity prevails.
20. TFC=AFC?T Q
21. The resources of managerial economics are ______.
22. Economics of concentration are part of _____ economics.
23. Under law of demand ________.
24. Output is a _____ variable.
25. Break even analysis helps in deciding probable ______.

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