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1. ………… is a situation where buyers and sellers do not know enough about each other's positions to price goods and services properly.

a) business cycle b) competition c) incomplete market

2. …………. occur where there are significant social costs or benefits from production or consumption that are not reflected in market prices.

a) emission fees b) externalities c) wage rates

3. ……… is a prime source of market failure.

a) macroeconomic instability b) consumption c) restraint on producers

4. ………. arise where one party has more or better information than the other.

a) information asymmetries b) external shocks c) restraint on producers

5. ………… are goods which are undersupplied in a typical market.

a) private goods b) personal goods c) public goods