Microeconomics

3. Utility the additional utility from the last unit
4. of Supply as the price of a good or service increases, the quantity of that good or service will increase (and vice versa)
5. efficiency MU/P=MU/P
8. where buyers and sellers align to a point where neither group is better off changing their behavior
10. advantage when a firm can produce a good at a lower opportunity cost than another firm
13. Advantage when a firm can produce a good using fewer resources per unit of output than another firm
14. a product or service that can replace another product or service that makes little difference to the consumer
15. a market where the firm is the sole buyer of resources or supplies
19. A market structure in which a small number of interdependent firms compete
20. quantity demanded exceeds quantity supplied

1. the condition that arises because wanted exceed the ability of resources to satisfy them
2. products that increase in value when the demand for relative products increases
6. ceiling the maximum amount that a seller can charge for a product or service
7. floor the lowest price that can a consumer can pay for a product or service
9. of Demand a higher price leads to a lower quantity demanded, and a lower price leads to a higher quantity demanded
11. cost the value of the best alternative sacrificed as compared to what actually takes place
12. cost additional cost of producing one additional unit
16. quantity supplied exceeds quantity demanded
17. a unit/ measurement of satisfaction
18. manufactured goods that can be used in the production process, including tools, equipment, building, and machinery