Microeconomics: Theory and Applications with Calculus, 4e

Definitions

I hate definitions.

—Benjamin Disraeli

adverse selection: 

occurs when one party to a transaction possesses information about a hidden characteristic that is unknown to other parties and takes economic advantage of this information. (18)

asymmetric information: 

the situation in which one party to a transaction has relevant information that another party lacks. (18)

auction: 

a sale in which a good or service is sold to the highest bidder. (13)

average cost (AC): 

the total cost divided by the units of output produced: $AC=C/q.$[&AC|=|C/q.&] (7)

average fixed cost (AFC): 

the fixed cost divided by the units of output produced: $AFC=F/q.$[&AFC|=|F/q.&] (7)

average product of labor $(A{P}_L):$[&(~index13~AP_{L}~norm~):&] 

the ratio of output, ...