Market

Market Equilibrium

Perfectly Competitive Markets

Marginal Benefit

Marginal Benefit

Cost-Benefit Principle

Economic Surplus

Quantity Supplied

Supply Curve

Law of Supply

Horizontal Interpretation (of the Supply Curve)

Vertical Interpretation (of the Supply Curve)

Producer Reservation Price

Sunk Cost

Fixed Cost

Short Run

Variable Cost

Long Run

Profit

Shut Down Condition (short run)

Exit Condition (long run)

Factors that shifts the supply curve

Price Elasticity of Supply

Elasticity Formula for Two points

Elastic Supply

Unit Elastic Supply

Inelastic Supply

Elasticity Formula for one point

Factors to increase supply price elasticity

Utility

Decreasing Marginal Utility

Quantity Demanded

Substitution Effect

Income Effect

Law of Demand

Giffen Goods

Demand Curve

Horizontal Interpretation (of the Demand Curve)

Vertical Interpretation (of the Demand Curve)

Substitutes

Complements

Factors that shift the demand curve right
(Hint: 8 points)

Price Elasticity of Demand

Elastic Demand

Unit Elastic Demand

Inelastic Demand

Factors to make demand curve more elastic