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ORDINAL UTILITY: A method of analyzing utility, or satisfaction derived from the consumption of goods and services, based on a relative ranking of the goods and services consumed. With ordinal utility, goods are only ranked only in terms of more or less preferred, there is no attempt to determine how much more one good is preferred to another. Ordinal utility is the underlying assumption used in the analysis of indifference curves and should be compared with cardinal utility, which (hypothetically) measures utility using a quantitative scale.

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Lesson 23: Factor Market Equilibrium | Unit 5: Bilateral Monopoly Page: 20 of 24

Topic: Monopoly <=PAGE BACK | PAGE NEXT=>

  • Should the firm's workers form a labor union that controls the total supply of labor, then it is a monopoly.

  • This diagram illustrates the situation in the firm's factor market with monopoly control by the labor union.

  • The factor price is higher and the quantity of labor services exchanged is less than under the efficiency benchmark of perfect competition.


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AVERAGE COST

The opportunity cost incurred per unit of good produced. This is calculated by dividing the cost of production by the quantity of output produced. While average cost is a general term relating cost and the quantity of output, three specific average cost terms are average total cost, average variable cost, and average fixed cost. A related cost term is marginal cost.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either blue cotton balls or a genuine down-filled pillow. Be on the lookout for door-to-door salesmen.
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