Examlex
Free-response items are the easiest questions to tabulate and to be freely interpreted.
Asymmetric Information
A situation where one party to a market transaction has more information about a product or service than the other. The result may be an under- or overallocation of resources.
Adverse Selection
A situation in insurance and finance where individuals with higher risks are more likely to purchase or participate in a plan, leading to higher than expected costs for insurers or lenders.
Marginal Benefit
The extra utility or satisfaction obtained through the consumption of an additional unit of a good or service.
Pollution Abatement
Actions or measures taken to reduce, control, or eliminate pollution from various sources.
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