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(1) ___________ exists when one party to a transaction changes his behavior in a way that is hidden from or costly to the other party. For example, once we are covered by insurance, we may take greater risks, knowing the insurance will cover our mistakes.  In this case, asymmetric information exists (2) ______________ an exchange. 

________________ is a price structure in which  the seller charges the highest price that each consumer is willing to pay for the product rather than go without it.

Online retail platforms use consumer product review big data, combined with machine learning techniques, to determine whether a potential customer will make a purchase during the next year’s Thanksgiving break. This is an example of _____________.

 ________________ is a condition in which a market produces more or less than the ideal or optimal amount of a particular good.

Based on the figure above illustrating perfect competition and monopoly:which of the following is not true for a monopolist?

In a cartel, several firms band together in order to act as _____________ and capture the benefits.

The Coase theorem is the proposition that private negotiations between people will lead to an efficient resolution of externalities, as long as property rights are well-defined and transaction costs are trivial or zero. Under these circumstances, externalities can be internalized by  ______________.

  ________________is a condition in which a person’s or group’s actions cause a benefit to be felt by others.  

 ________________ is a price structure in which the seller charges different prices in different markets or charges different prices to various segments of the buying population.  

What is the main goal of biblical textual criticism?