Email: bbcnoun@gmail.com Whatsapp/Telegram: 08131667008 ECO332 Question: With size of a firm remaining constant, those costs which change as desired output changes are called costs Answer: Short-Run Question: The sum of demand for the products of all firms in the industry is referred to as the demand or industry demand for the product Answer: market Question: A production function is based on the following assumptions; perfect divisibility of both inputs and output; there are only two factors of production â€u capital (K) and labour (L); limited substitution of one factor for the other; and Answer: inelastic supply of fixed fac >rs in the short-run Question: Business decision-making processes involve four main phases, which of these phases are the most crucial Answer: 2 and 3 Question: In linear demand functions, quantity demanded is assumed to change with changes in independent variables at a rate Answer: constant Question: The analysis is a technique for previewing profit prospects and a tool of profit planning Answer: break-even Question: Managerial economics involves the understanding and use of economic theories and techniques of economic analysis in analyzing and solving problems Answer: business Question: The business implication of economic rent is that investing in a given project will be preferred so long as its economic rent is greater than zero or Answer: positive Question: One of the given options is not a determinant of demand Answer: Govemment’s allocation Question: Given that change in total cost is 500 and quantity of goods is 20. Calculate the marginal cost Answer: 20 Question: The opinion poll methods of demand forecasting include, the expert- Opinion method; Delphi method; and the Answer: Market Studies and Experiments technique Question: The opinion poll methods of demand forecasting include, the expert- Opinion method; Delphi method; and the Answer: Market Studies and Experiments technique Question: The degree of responsiveness of demand to changes in its determinants is referred to as the for the product in question Answer: elasticity of demand Email: bbcnoun@gmail.com Whatsapp/Telegram: 08131667008