The first step in the problem solving approach in the field of managerial economics is:
A) determination of the data that is relevant to the problem
B) identification of the problem
C) choosing the best possible solution
D) an evaluation of the alternative solutions
E) none of the above

Question

Quizplus · Accepted Answer

The first step in the problem solving approach in the field of managerial economics is to identify the problem. This involves understanding the nature of the problem, its causes, and its effects on the organization. Once the problem is identified, the next steps can be taken to gather relevant data, explore alternative solutions, and evaluate the best possible solution.

The First Step in the Problem Solving Approach in the Field