MBA 701 Exam with correct answers /| /| /| /| /|
Accounting P /| /|
Supply Shifter - CORRECT ANSWERS ✔✔Technology or government
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regulations
Accounting Profit - CORRECT ANSWERS ✔✔Total amount of money taken
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in from sales minus the dollar cost of producing goods or services.
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Changes in Demand - CORRECT ANSWERS ✔✔Represented by a shift of the
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demand curve /|
Total Revenue - CORRECT ANSWERS ✔✔If elastic, can be increased by
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decreasing the price /| /|
Marginal Net Benefits - CORRECT ANSWERS ✔✔Marginal Benefit -
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Marginal Cost /|
Implicit Costs - CORRECT ANSWERS ✔✔
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W in Supply Function - CORRECT ANSWERS ✔✔Price of an input
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Accounting Profit - CORRECT ANSWERS ✔✔Revenue - Expenses
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, Bx in Supply Function - CORRECT ANSWERS ✔✔Greater than zero
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Income Elasticity - CORRECT ANSWERS ✔✔When less than zero, X is a
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normal good /|
Law of Demand - CORRECT ANSWERS ✔✔Quantity of a good consumers
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are willing and able to purchase increases as the price falls
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Excise Tax - CORRECT ANSWERS ✔✔Tax on each unit of output sold. Tax
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revenue is collected by the supplier
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Changes in Quantity Supplied - CORRECT ANSWERS ✔✔Represented by a
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movement along the supply curve /| /| /| /|
Economic Profit - CORRECT ANSWERS ✔✔Difference between total
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revenue and opportunity cost. /| /| /|
Ax in Demand Function - CORRECT ANSWERS ✔✔Less than zero
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Managerial Control Variable - CORRECT ANSWERS ✔✔Represented as Q
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Px in Demand Function - CORRECT ANSWERS ✔✔Price of good X
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Accounting P /| /|
Supply Shifter - CORRECT ANSWERS ✔✔Technology or government
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regulations
Accounting Profit - CORRECT ANSWERS ✔✔Total amount of money taken
/| /| /| /| /| /| /| /| /| /|
in from sales minus the dollar cost of producing goods or services.
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Changes in Demand - CORRECT ANSWERS ✔✔Represented by a shift of the
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demand curve /|
Total Revenue - CORRECT ANSWERS ✔✔If elastic, can be increased by
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decreasing the price /| /|
Marginal Net Benefits - CORRECT ANSWERS ✔✔Marginal Benefit -
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Marginal Cost /|
Implicit Costs - CORRECT ANSWERS ✔✔
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W in Supply Function - CORRECT ANSWERS ✔✔Price of an input
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Accounting Profit - CORRECT ANSWERS ✔✔Revenue - Expenses
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, Bx in Supply Function - CORRECT ANSWERS ✔✔Greater than zero
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Income Elasticity - CORRECT ANSWERS ✔✔When less than zero, X is a
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normal good /|
Law of Demand - CORRECT ANSWERS ✔✔Quantity of a good consumers
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are willing and able to purchase increases as the price falls
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Excise Tax - CORRECT ANSWERS ✔✔Tax on each unit of output sold. Tax
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revenue is collected by the supplier
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Changes in Quantity Supplied - CORRECT ANSWERS ✔✔Represented by a
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movement along the supply curve /| /| /| /|
Economic Profit - CORRECT ANSWERS ✔✔Difference between total
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revenue and opportunity cost. /| /| /|
Ax in Demand Function - CORRECT ANSWERS ✔✔Less than zero
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Managerial Control Variable - CORRECT ANSWERS ✔✔Represented as Q
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Px in Demand Function - CORRECT ANSWERS ✔✔Price of good X
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