Economics

4. A payment to producers to encourage output.
5. A situation where one party has more information than the other.
6. The loss of economic efficiency when equilibrium is not achieved.
12. The additional satisfaction gained from consuming one more unit.
13. A market structure with many firms selling differentiated products.
15. A good where demand increases as income rises, more than proportionately.

1. The cost of the next best alternative foregone.
2. The measure of responsiveness of quantity demanded to a change in price.
3. A cost that does not change with output.
7. A good with negative income elasticity of demand.
8. A tax on spending.
9. A situation where market forces alone fail to allocate resources efficiently.
10. A market with a few large firms dominating supply.
11. A firm that is the sole seller in a market.
14. A good consumed collectively and non‑excludable.