When the price elasticity of supply equals zero (PES = 0), there is a _______

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Relatively elastic supply

Relatively inelastic supply

Perfectly inelastic supply

Unit-Elastic Supply

In general, the overall role of managerial economics is to increase the efficiency of

decision making in businesses to increase profit.

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True

False

Economics is the study about making choices in the presence of scarcity.

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True
False

Prices rise when the government prints too much money.

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True

False

The theory of production and production decisions emphasises on the consumer’s

behaviour towards a product or service and takes into consideration the needs, wants,
preferences and requirement of the consumers to enhance the production process.

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True

False

Every decision involves an opportunity cost which the cost of those options which we
let go while selecting the most appropriate.

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True

False