www.bbcnoun.com.ng ECO711 8/10 1. In a situation where the consumer is willing to pay more for a given product than the current market price, it is termed ____ Consumers surplus 2. The consumer is considered to be a ______ person Rational 3. A basic assumption of microeconomics is that because a consumer is faced with ______ budget, his or her available cash for spending must be judiciously allocated for maximum benefit Limited 4. An indifference curve means _____ Equal utility from the consumption of two combinations of goods; 5. Under perfectly competitive market, a firm will stay in business if the price is greater than _____________ cost. Marginal variable 6. Higher indifference curve is said to give a _____ Higher utility 7. Oligopolistic industries share the following behavioural tendencies except ____________ Heterogeneity 8. All of the following are assumptions of the cardinal utility except ______ Diminishing Marginal Rate of Substitution 9. The market situation in which there is only one buyer of the factors of production Monopsony 10. The following are characteristic of monopsony except ______ Free entry and exit