A ......... concept in understanding microeconomics is that of utility: utility is how much a product pleases people.

Marginal utility is how much every ......... quantity of a product pleases; it tends to drop as the numbers of a product consumed increases.

Consumers choose what products they want to buy by comparing something's ......... and its utility.

They will pick the product that gives them the biggest ......... for the buck, the product that gives them the greatest satisfaction for every unit of money spent.

Based on the law of demand, quantity demanded is inversely ......... to price.

'Perfect competition' is defined as economic forces ........., uninterrupted by any other force.

In reality, no ......... thing as a true perfectly competitive market exists; there are other types of market structures, however — monopoly, oligopoly, and monopolistic competition.

In monopolistic competition, there are many firms ......... for control of one market.

Oligopoly is a small number of competing firms, so the key property of oligopolies is that all firms ......... strategic planning.

Some oligopolies act as cartels, in which many firms act ..........