MANAGERIAL ECONOMICS

Multiple Choice Questions:

1. Which of the following is the best definition of managerial economics?

A. A distinct field of economic theory

B. A field that applies economic theory and decision science tools

C. A field that combines economic theory and mathematics

D. None of the above

Question

13-06-2024
Business

Answered

MANAGERIAL ECONOMICS

Multiple Choice Questions:

1. Which of the following is the best definition of managerial economics?

A. A distinct field of economic theory

B. A field that applies economic theory and decision science tools

C. A field that combines economic theory and mathematics

D. None of the above

Answer :

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Final answer:

Managerial Economics is a field that applies economic theory and decision science to aid managers in making strategic decisions for various types of organizations.

Explanation:

Managerial Economics can be defined as a field that applies economic theory and the tools of decision science to help managers make better business decisions. It incorporates principles from economics and decision-making to aid in strategic planning and resource allocation. This discipline is relevant not only to for-profit businesses but also to non-profit organizations and government agencies.

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