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finaljeopardy2 - Eco 101 Principles of Microeconomics...

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Eco 101 Principles of Microeconomics
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100 100 100 100 200 200 200 200 400 400 400 400 300 300 400 400 Consumer Choice Production & Costs Market Structures Resource Markets 300 300 300 300 300 300 200 200 400 400 200 200 100 100 500 500 500 500 500 500 500 500 100
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Row 1, Col 1 This measures the change in total utility from the consumption of one more unit. What is marginal utility?
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1,2 Economic profits are the difference between total revenue and these types of costs. What are total costs or explicit and implicit costs?
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1,3 In these two types of market structures, firms face barriers to entry. What are monopoly and oligopoly?
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1,4 Firms will hire labor until this is true. What is marginal revenue product = the wage?
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2,1 When consumption of a good rises, total and marginal utility exhibit these behaviors, respectively. What is rise and fall?
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2,2 Under the law of decreasing returns we expect this to happen eventually. What is marginal product to fall?
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2,3 Selling an identical product with many other firms means this with respect to pricing power.
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