demanded. Long-rn marginal cost eurve(LMC)(page 226)Change in long-run total cost as output is Macroeconomics (page 4)Branch of economics that deals with aggregate economic variables such as the level and growth rate of national output,interest rates,unemployment,and inflation. Marginal benefit(page8)Benefit from the consumption of one additional unit of a good Ma arginal cst(page 8)Cos ofa good. Marginal expenditure curve(page 510)Curve describing the incremental cost of purchasing one additional unit of a good. Marginal external benefit (page 624)Increased benefit that accrues to other parties as a firm output by one unit. Marginal external cost (page 622)Increase in cost timposed externally as one or more firms increase output by one unit. Marginal product(page 182)Additional output produced as an input is increased by one unit. Marginal rate of substitution(MRS)(page 68)Amount of a good that a consumer is willing to al rate of technical substitutio(MRTS)(page 19)Amount by which the quantity of one input can be reduced when one extra unit of another input is used,so that output remains constant Marginal rate of transformation (page 582)Amount of one good that must be given up to produce one additional unit Marginal reveue (pa 56)Ch. Marginal revenue product (page 502)Additional revenue resulting from the sale of output created by the use of one additional unit of an input. Marginal social benefit (Page 624)Sum of the marginal private benefit plus the marginal external benefit. Marginal social cost (Page 622)Sum of the marginal cost of production and the marginal exteral Marginal utility (MU)(Page 90)Additional satisfaction obtained from consuming one additional unit of a good. Marginal value (page 352)Additional benefit derived from purchasing one more unit of a good. Market(page 7)Collection of buyersand sellers that,through their actual or potential ineraction of products Market definition (Page 8)Determination of the buvers.sellers.and range of products that should be included in a particular market. Market demand curve (Page 116)Curve relating the quantity of a good that all consumers in a market will buy to pric Market failure(Page 29)Sitation in which an competitive market is inefficien because prices fail to provide proper signals to consumers and producers. Market mechanism (page 23)Tendency in a free market for price to change until the market clears. demanded. Long-run marginal cost curve (LMC) (page 226) Change in long-run total cost as output is increased incrementally by 1 unit. M Macroeconomics (page 4) Branch of economics that deals with aggregate economic variables, such as the level and growth rate of national output, interest rates, unemployment, and inflation. Marginal benefit (page 80) Benefit from the consumption of one additional unit of a good. Marginal cost (page 80) Cost of one additional unit of a good. Marginal expenditure (page 352) Additional cost of buying one more unit of a good. Marginal expenditure curve (page 510) Curve describing the incremental cost of purchasing one additional unit of a good. Marginal external benefit (page 624) Increased benefit that accrues to other parties as a firm increases output by one unit. Marginal external cost (page 622) Increase in cost imposed externally as one or more firms increase output by one unit. Marginal product (page 182) Additional output produced as an input is increased by one unit. Marginal rate of substitution (MRS) (page 68) Amount of a good that a consumer is willing to give up in order to obtain one additional unit of another good. Marginal rate of technical substitution (MRTS) (page 192) Amount by which the quantity of one input can be reduced when one extra unit of another input is used, so that output remains constant. Marginal rate of transformation (page 582) Amount of one good that must be given up to produce one additional unit of a second good. Marginal revenue (page 256) Change in revenue resulting from a 1 unit increase in output. Marginal revenue product (page 502) Additional revenue resulting from the sale of output created by the use of one additional unit of an input. Marginal social benefit (Page 624) Sum of the marginal private benefit plus the marginal external benefit. Marginal social cost (Page 622) Sum of the marginal cost of production and the marginal external cost. Marginal utility (MU) (Page 90) Additional satisfaction obtained from consuming one additional unit of a good. Marginal value (page 352) Additional benefit derived from purchasing one more unit of a good. Market (page 7) Collection of buyers and sellers that, through their actual or potential interactions, determine the price of a product or set of products. Market basket (or bundle) (page 62) List with specific quantities of one or more goods. Market definition (Page 8) Determination of the buyers, sellers, and range of products that should be included in a particular market. Market demand curve (Page 116) Curve relating the quantity of a good that all consumers in a market will buy to price. Market failure (Page 294) Situation in which an unregulated competitive market is inefficient because prices fail to provide proper signals to consumers and producers. Market mechanism (page 23) Tendency in a free market for price to change until the market clears