If the government assigns property rights to a common resource, _______.

If the union (monopoly seller) faces a _____ the situation is called bilateral monopoly.

In a market system, producers are _________ seeking new opportunities to satisfy consumer needs.

The term ____________ refers to the percentage share of a firm's total sales in the market.

Information asymmetry in a market can lead to ________.

In the diagram to the right, point a provides the _____, point b the _____, and point c the _____.

An incentive that either reduces costs or increases benefits

The value of the best forgone alternative that was not chosen is called

________ is the difference between the expected marginal benefits and the expected marginal costs

An incentive that either increases costs or reduces benefits, resulting in a decrease in an activity or behavior is called

When the economy fails to allocate resources efficiently on its own is called