www.bbcnoun.com.ng 09/10 A market exhibiting the characteristics of both a perfect competitive market and a monopoly market is known as a _____ market Monopolistic The total benefit a producer receives from the sale of a commodity is known as ____ Producer surplus A marketer who produces a product alone and has no close substitute is termed Monopolist A situation where there is only one buyer of the factors of production is obtainable in Monopsony Convexity means that marginal utility ____ as consumption ____ Falls/rises Consumer preference is graphically illustrated using ______ Indifference curve Total Utility is also known as ___ Marginal utility At the point where marginal revenue is equal to marginal cost, firm is said to maximize Profit A firm will shut down _____ when price is less than average variable cost. Production Change in total revenue divided by change in quantity is known as Marginal revenue