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Graphically, a surplus exists below equilibrium.
Market Basket
A set of goods and services used to represent what is consumed by a typical consumer for the purpose of measuring inflation or cost of living.
Utility Maximization
The process by which individuals allocate their resources to obtain the highest possible level of satisfaction or utility, subject to their budget constraint.
Marginal Utility
The change in total utility obtained by consuming one additional unit of a good or service.
Consumption Bundle
A set of goods or services that a consumer chooses to purchase at a given time.
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