Explicit/Implicit Costs
_____ costs are the opportunity costs.
Implicit
_____ associates a value with each choice. The higher the ____, the higher the value.
Utility
There are _______ types of price discrimination. What are they?
Who is the price maker in a pure monopoly?
Sellers
An oligopoly can have either ________ or ________ products.
Standardized or differentiated
Explicit costs are also known as _____.
Accounting costs
Total utility is the addition of all ________ for each unit of each item.
Marginal utilities
_______ price discrimination produces the best outcome for a monopoly.
First degree
There are _____ sellers in a monopoly.
Many
A defining feature of an oligopoly is ____________, which is strategic behavior/decisions between sellers.
Mutual interdependence
_____ costs are monetary payments.
Explicit
A customer decides how much to consume to ________ their utility
Maximize
Perfect competitive markets have ______ to entry.
A few large
The cost of labor for a firm is an example of ____ costs.
Explicit
The ___________ Principle states that a consumer maximizes their utility when their utility per dollar for every item is equal.
Equal Marginal
The demand slope for a perfect competition is ________.
Pure monopolies and monopolistic competitive markets' demand curves are ____ sloping.
Downward.
Bonus: Which one has a more drastic slope?
There are ________ to entry in an oligopoly.
Extensive
____ costs include both explicit and implicit costs.
Economic
The law of _____________ states that marginal utility decreases for each additional unit over time.
What is MR.DARP?
Marginal Revenue, Demand, Average Revenue, and Price.
Bonus: Explain the context
What is the reason that a monopoly stays a monopoly?
Barriers/blocked entry to the market
Mutual interdependence refers to how one producer's strategies affect the profits, sales and behavior of ______________.