The rationing function of prices refers to the:
A) tendency of supply and demand to shift in opposite directions.
B) fact that ration coupons are needed to alleviate wartime shortages of goods.
C) capacity of a competitive market to equate the quantity demanded and the quantity supplied.
D) ability of the market system to generate an equitable distribution of income.
Correct Answer:
Verified
Q105: If price is above the equilibrium level,
Q118: Assume in a competitive market that price
Q158: At any above-equilibrium price:
A)quantity demanded exceeds quantity
Q159: A product market is in equilibrium:
A)when there
Q160: At the point where the demand and
Q162: The market system corrects a shortage by:
A)lowering
Q164: There is a shortage in a market
Q165: Assume in a competitive market that price
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents