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12 Terms

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Supply Curve
A graph that shows the relationship between the price of a product and the quantity supplied, typically sloping upward.
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Demand Curve
A graph that shows the relationship between the price of a product and the quantity demanded, typically sloping downward.
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Equilibrium
The price and quantity at which the market clears; where marginal cost equals marginal benefit.
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Shortage
A situation where the price is low and below the equilibrium point, leading to increased demand.
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Surplus
A situation where the price is high and above the equilibrium point, leading to excess supply.
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Price Floor
A minimum price set by the government that may result in a surplus if above equilibrium.
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Price Ceiling
A maximum price set by the government that may result in a shortage if below equilibrium.
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Inelastic Demand
Demand that is less responsive to price changes; characterized by few substitutes and E < 1.
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Elastic Demand
Demand that is more responsive to price changes; characterized by many substitutes and E > 1.
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Total Utility
The total satisfaction received from consuming a certain quantity of goods or services.
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Marginal Utility
The additional satisfaction gained from consuming one more unit of a good or service.
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Utility Maximization Process
A method to maximize consumer satisfaction by calculating marginal utility per price and selecting the option with the highest utility.