Where a shape isn't symmetrical

Where one party doesn't have a lot of information

Where one party member has more information than another.

Where one party member has less information than another.

Creating a price using a certain mechanism

Is the allocation of scarce resources

How price changes over time

Is the allocation of glut resources

Incentive function

Allocative function

Signalling function

Rationing function

Allocatively inefficient

No time cost because no-one needs to be paid to be monitored

Allocatively efficient

In looks cool on a cv