Chapter 5 key terms - Name Chapter 5 key terms Complete the...

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Name: Chapter 5 key terms Complete the crossword below 1 2 3 4 5 6 7 8 9 10 Created on Crossword Maker
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Down 2. The total benefit from consuming a good or service, including both the private benefit and any external benefit 3. The cost borne by the producer of a good or service 6. The benefit received by the consumer of a good or service Across 1. The total cost of producing a good or service, including both the private cost and any external cost 4. Benefiting from a good without paying for it 5. A good that is both nonrival and nonexcludable
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Unformatted text preview: 7. The costs in time and other resources that parties incur in the process of agreeing to and carrying out an exchange of goods or services 8. If transactions costs are low, private bargaining will result in an efficient solution to the problem of externalities 9. A benefit or cost that affects someone who is not directly involved in the production or consumption of a good or service 10. A situation in which the market fails to produce the efficient level of output...
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