Gr10 Module 9

Supply the missing word or phrase:

The fact that people like horror movies and others would never watch them shows that utility _________

Supply the missing word or phrase:

As more units of a good are consumed, the _____ utility increases up to a certain point

Supply the missing word or phrase:

_______ utility always decreases.

Using the FOUR criteria, explain the characteristics of a monopoly

Define a market

There are ___ types of markets

• 2

• 8

• 5

• 7

Which of the following does not fall under imperfect markets?

• Oligopoly

• Monopoly

• Oligopolistic competition

• Monopolistic competition

What do we mean by a "homogeneous product" ?

Utility is when I choose to buy chocolate instead of sweets because I didnt have enough money to buy both.

• True

• False

Why is price determined by the forces of demand and supply in a market?