MGRADES
MBA 701 Exam UPDATED ACTUAL Exam
Questions and CORRECT Answers
Accounting P - CORRECT ANSWER✅✅-
Supply Shifter - CORRECT ANSWER✅✅- Technology or government regulations
Accounting Profit - CORRECT ANSWER✅✅- Total amount of money taken in from sales
minus the dollar cost of producing goods or services.
Changes in Demand - CORRECT ANSWER✅✅- Represented by a shift of the demand curve
Total Revenue - CORRECT ANSWER✅✅- If elastic, can be increased by decreasing the
price
Marginal Net Benefits - CORRECT ANSWER✅✅- Marginal Benefit - Marginal Cost
Implicit Costs - CORRECT ANSWER✅✅-
W in Supply Function - CORRECT ANSWER✅✅- Price of an input
Accounting Profit - CORRECT ANSWER✅✅- Revenue - Expenses
Bx in Supply Function - CORRECT ANSWER✅✅- Greater than zero
Income Elasticity - CORRECT ANSWER✅✅- When less than zero, X is a normal good
, MGRADES
Law of Demand - CORRECT ANSWER✅✅- Quantity of a good consumers are willing and
able to purchase increases as the price falls
Excise Tax - CORRECT ANSWER✅✅- Tax on each unit of output sold. Tax revenue is
collected by the supplier
Changes in Quantity Supplied - CORRECT ANSWER✅✅- Represented by a movement
along the supply curve
Economic Profit - CORRECT ANSWER✅✅- Difference between total revenue and
opportunity cost.
Ax in Demand Function - CORRECT ANSWER✅✅- Less than zero
Managerial Control Variable - CORRECT ANSWER✅✅- Represented as Q
Px in Demand Function - CORRECT ANSWER✅✅- Price of good X
Market Supply Curve - CORRECT ANSWER✅✅- Indicates the total quantity of a good that
all producers would produce at each price, holding input prices, technology, and other variables
affecting supply constant.
Pr in Supply Function - CORRECT ANSWER✅✅- Price of technologically related goods
Opportunity Cost - CORRECT ANSWER✅✅- Explicit cost of a resource plus the implicit
cost of giving up the best possible alternative.
Changes in Quantity Demanded - CORRECT ANSWER✅✅- Occurs when only price is
changed
MBA 701 Exam UPDATED ACTUAL Exam
Questions and CORRECT Answers
Accounting P - CORRECT ANSWER✅✅-
Supply Shifter - CORRECT ANSWER✅✅- Technology or government regulations
Accounting Profit - CORRECT ANSWER✅✅- Total amount of money taken in from sales
minus the dollar cost of producing goods or services.
Changes in Demand - CORRECT ANSWER✅✅- Represented by a shift of the demand curve
Total Revenue - CORRECT ANSWER✅✅- If elastic, can be increased by decreasing the
price
Marginal Net Benefits - CORRECT ANSWER✅✅- Marginal Benefit - Marginal Cost
Implicit Costs - CORRECT ANSWER✅✅-
W in Supply Function - CORRECT ANSWER✅✅- Price of an input
Accounting Profit - CORRECT ANSWER✅✅- Revenue - Expenses
Bx in Supply Function - CORRECT ANSWER✅✅- Greater than zero
Income Elasticity - CORRECT ANSWER✅✅- When less than zero, X is a normal good
, MGRADES
Law of Demand - CORRECT ANSWER✅✅- Quantity of a good consumers are willing and
able to purchase increases as the price falls
Excise Tax - CORRECT ANSWER✅✅- Tax on each unit of output sold. Tax revenue is
collected by the supplier
Changes in Quantity Supplied - CORRECT ANSWER✅✅- Represented by a movement
along the supply curve
Economic Profit - CORRECT ANSWER✅✅- Difference between total revenue and
opportunity cost.
Ax in Demand Function - CORRECT ANSWER✅✅- Less than zero
Managerial Control Variable - CORRECT ANSWER✅✅- Represented as Q
Px in Demand Function - CORRECT ANSWER✅✅- Price of good X
Market Supply Curve - CORRECT ANSWER✅✅- Indicates the total quantity of a good that
all producers would produce at each price, holding input prices, technology, and other variables
affecting supply constant.
Pr in Supply Function - CORRECT ANSWER✅✅- Price of technologically related goods
Opportunity Cost - CORRECT ANSWER✅✅- Explicit cost of a resource plus the implicit
cost of giving up the best possible alternative.
Changes in Quantity Demanded - CORRECT ANSWER✅✅- Occurs when only price is
changed
