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Author Question: Explain what the phrase price rationing means. What will be an ideal ... (Read 9 times)

tfester

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on: Jun 29, 2018
Explain what the phrase price rationing means.
 
  What will be an ideal response?

Question 2

Which of the following describes the difference between scarcity and shortage?
 
  A) There is no difference; either word can be used to describe the situation that exists when there is less of a good or service available than people want.
  B) There is a shortage of almost everything. Scarcity occurs only if the quantity demanded of a good or service is greater than the quantity supplied at the current market price.
  C) In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the current market price.
  D) In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the equilibrium price.


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6ana001

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Price rationing is the process by which the market system allocates goods and services to consumers when quantity demanded exceeds quantity supplied.

Answer to Question 2

C


tfester

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Reply 2 on: Jun 29, 2018
:D TYSM

diana chang

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Reply 3 on: Yesterday
Excellent

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