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

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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? pg36

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Modern Principles Of Economics

ISBN: 9781429239974

2nd Edition

Authors: Tyler Cowen, Alex Tabarrok

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