MBA 701 Exam Question and answers
rated A+ 2025
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
, 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.
rated A+ 2025
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
, 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.
