Rationing of resources, goods, and services
A) is not required under the price system.
B) is required because of scarcity.
C) must be done by the government.
D) happens only when the price is zero.

Question

Quizplus · Accepted Answer

Rationing of resources, goods, and services is required because of scarcity. The resources available to meet unlimited human wants and needs are limited, so rationing becomes necessary to ensure that everyone has access to at least some of what they need. The price system helps to allocate scarce resources efficiently, but rationing may still be necessary in certain circumstances. The government may play a role in rationing, but it can also be done through private means such as queuing, lottery systems, or first-come, first-served arrangements. Rationing does not happen only when the price is zero - even goods that are priced higher than some people can afford may still need to be rationed.

Rationing of Resources, Goods, and Services