1.5. Economists often say that prices are a rationing mechanism. If the supply of a good falls,...

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1.5. Economists often say that prices are a "rationing mechanism." If the supply of a good falls, how do prices "ration" these now-scarce goods in a competitive market?

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Modern Principles Microeconomics

ISBN: 9781429239998

2nd Edition

Authors: Tyler Cowen, Alex Tabarrok

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Question Posted: Nov 16, 2024 03:00 AM

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1.5. Economists often say that prices are a "rationing mechanism." If the supply of a good falls, how do prices "ration" these now-scarce goods in a competitive market?
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1.5. Economists often say that prices are a rationing mechanism. If the supply of a good falls,...

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Modern Principles Microeconomics

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