4951618
| Question | Answer |
| adverse selection | a situation in which a person at risk is more likely to take out insurance |
| allocative efficiency | achieved when society is producing an appropriate bundle if goods relative to consumer preferences |
| Cartel | an agreement between firms in a market on price and output with the intention of maximising their joint profits |
| ceteris paribus | a latin phrase meaning 'other things being equal' when looking at one variable with otjer influences equal |
| command economy | an economy where decisions on resource allocation are made by the state |
| comparative static analysis | effect on equlibrium of a change in the external conditions affecting a market |
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