Course Code eco332 Question The three major contributions of economic theory to business economics are all of these except ___ Answer Replacing managers with with sound economists Question The J. B. Clark’s theory of profit is of the opinion that profits arise in a ___ economy Answer Dynamic Question The term ___ characterises a market situation in which there is a single seller of a commodity that does not have close substitutes Answer Monopoly Question The degree of responsiveness of demand for a product to changes in its determinants is referred to as the ___ for the product in question Answer Elasticity of demand Question The short-run cost curves are extremely helpful in the determination of the optimum utilization of a given plant, while the Long-run cost curves, on the other hand, can be used to show how a firm can decide on the ___ Answer Optimum size of the firm Question Which of the phase(s) of the business decision-making process is/are the most crucial? ___ Answer Phases two and three Question If a rational consumer expects a fall in the price of goods he/she purchases, he/she would ___ of such goods with a view to taking advantage of lower prices in the future Answer Postpone the purchase Question The quantity of a commodity an individual is willing and able to purchase at a particular price, during a specific time period, given his/her money income, his/her taste, and given price of other commodities, is referred to as the ___ for the commodity Answer Individual demand Question In making decisions with regards to production, the manager will be required to collect and analyse information or data on all of the given options except ___ Answer Prices of the competing products Question According to Robin Marris, manager’s utility is a function of salary, power, job security, prestige, and ___ Answer Status Try Another Search