A few definitions (1 Viewer)

[patlaw]

Sorry guys, im in yr 11 but i fiugred ud have a better idea than finding somehting in the prelim forum.

I need to know a few definitions for the markets topic:
- marginal utility
- total consumer outlay
- price ceiling
- price floor

cheers in advance

 

[Demandred]

Marginal utility - the EXTRA bit of satisfaction gained from doing something.
Total consumer outlay - Off the top of my head, no bloody idea.
Price ceiling - setting price blow the equilibrium, usually causes excess demand.
Price floor - setting price above the equilibrium, usually causes excess supply.