Home > Economics 101 > Quizzes > Economics for Managers
Economics for Managers
Fast practice, instant feedback. Timer auto-submits when time’s up.
Avg score: 60% • Most missed: “If another manufacturer enters the market in the middle of a year and engages th…”
Economics for Managers
Time left 00:00
25 Questions

1. Marginal revenue takes into account both the extra revenue from selling one more unit to a customer and

2. A company believes that its product will exhibit network effects if enough consumers begin to use it. How might this company decide to price its product?

3. This graph shows a price ceiling, representing the maximum rate that taxi drivers are permitted to charge for a ride from the airport in a city. Assuming that the price ceiling is effective, what regions on the graph represent total surplus and deadweight loss?

4. Cross price elasticity is

5. Revenue is always maximized at prices where the elasticity of demand is equal to

6. a shift to the left in the demand curve

7. Suppose that when a monopolistic car manufacturer raised its prices, it lost half of its customer base, but reported higher profits than before. Which of the following can be concluded?

8. The Namibian government has assigned ownership rights of many endangered species to local communities, who have in turn sold hunting licenses for some of the species. Will this process preserve the endangered species?

9. Total surplus is maximized at the

10. In which of the following scenarios is the winner of the auction LEAST likely to suffer from the winner's curse?

11. In which of the following cases would a seller be least likely to use an auction to determine the price of an item?

12. A women's apparel retailer has run a survey of their existing customers eliciting preferences on skirt styles. If the retailer follows the respondents' suggestions, which of the following is most likely to occur?

13. After running an advertising campaign intended to increase sales of its line of dishwashers, an appliance store notices that consumer WTP for its dishwashers seems to have increased. However, the store has not captured any market share from its competitors. Which of the following might explain this outcome?

14. The customer had the option to purchase 5 individual cupcakes for $15. Since the 5th cupcake was not purchased, the customer's willingness to pay for 5 cupcakes must be

15. 'Marginal revenue' refers to the:

16. Despite having sufficient snow, a local ski mountain has decided to close in early March for the end of the ski season. What is the most likely reason to shut down in this situation?

17. Market demand is?

18. If the revenue is not enough to cover operating costs,

19. Deadweight loss will be avoided since each piece of furniture is sold at its

20. As output increases, fixed costs per unit will decrease. This may lead to

21. A monopolist's profits are maximized when:

22. If another manufacturer enters the market in the middle of a year and engages the company in a price war, what is the lowest price the company would be willing to charge for each tractor?

23. Which of the following represents an economic cost, but not an accounting cost, of building and running a summer resort?

24. Consumer surplus is the difference between

25. A monopolistic producer of caviar has historically sold all of its caviar to 10 distributors. Recently, one of the distributors has acquired all of its competitors, becoming the caviar producer's sole customer. How are the caviar producer's prices and profits likely to change as a result of this downstream consolidation?

⚡ Recently practiced quizzes in this topic
Live quiz activity
Economics Knowledge Test Questions Economics 101 Practice Test: Tradeoff between Inflation and Unemployment Microeconomics Final Exam Basics of Economics Practice Test Economics 101 Practice Test: Open-Economy Macroeconomics Economics 101 Practice Test: Saving, Investment, and the Financial System Economics 101 Practice Test: Measuring a Nation's Income Economics 101 Practice Test: Basics of Macroeconomic Policy Economics 101 Practice Test: Theory of the Open Economy Economics 101 Practice Test: The Market Forces of Supply and Demand
 
❤ If you liked Fatskills, consider supporting us by checking out The Life Manuals You Never Got.

🌈  Our mission is to help improve your scores in any subject and exam withonline quizzes, practice tests, study guides, & advice for students. Since 2018.
About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | OSHA Basics Quiz | What Should We Know?
Privacy | Terms |
Without work one finishes nothing. - Ralph Waldo Emerson
© 2026 Fatskills.com

All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.