Mba 701 - Study guides, Class notes & Summaries

LSUS MBA 701 Exam 1 Test Questions And Correct Answers Manager - ANSWER : someone that directs resources to achieve a goal Directs the efforts of others, purchases inputs used in the production of the firms output, directs other decisions like the product price and quality and construct incentives to induce maximal effort from employees - ANSWER : what does a manager do? Economics - ANSWER : the science of making decisions in the presence of scarce resources Resources - ANS...

LSUS MBA 701 Exam 1 With 100% Correct Answers 2024

LSUS MBA 701 EXAM 1 TEST QUESTIONS AND ANSWERS 2024

What is a market? - correct answer A market is any arrangement that brings together buyers and sellers. what is the law of demand - correct answer -Pertains to the market demand (not individual prices) The law of demand states that the quantity purchased varies inversely with price. -In other words, the higher the price, the lower the quantity demanded. This occurs because of diminishing marginal ut...

manager - Answer-someone that directs resources to achieve a goal directs the efforts of others, purchases inputs used in the production of the firms output, directs other decisions like the product price and quality and construct incentives to induce maximal effort from employees - Answer-what does a manager do? economics - Answer-the science of making decisions in the presence of scarce resources resources - Answer-anything used to produce a good or service or achieve a goal scarci...