Author Question: When prices are used as a rationing device, goods that are relatively more scarce than they used to ... (Read 44 times)

mwit1967 · **on:** Jun 29, 2018

When prices are used as a rationing device, goods that are relatively more scarce than they used to be will have

A) greater demand.
B) lower excess demands.
C) higher prices.
D) long queues.

Question 2

Ceteris paribus assumption means

A) the role of rational self-interest in the economy.
B) that nothing else changes except the variables under consideration.
C) relying on real-world data in evaluating the usefulness of a model.
D) analysis that is strictly limited to making either purely descriptive statements or scientific predictions.