Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The latest Luke Combs album is available to be downloaded for $11.99. Is this price a rationing device? a. No, the album will be sold

The latest Luke Combs album is available to be downloaded for $11.99. Is this price a rationing device?

a.

No, the album will be sold to anyone having the required number of dollars.

b.

Yes. Some people will recieve more than $11.99 worth of satisfaction and will purchase it, while others will not make the purchase because they are unwilling to sacrifice other things $11.99 will buy.

c.

No, for price to be a rationing device, it must be so high that only one unit of the item is sold.

d.

Yes, since that is a reasonable price.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Survey Of Economics

Authors: Irvin B. Tucker

10th Edition

133711152X, 978-1337111522

More Books

Students also viewed these Economics questions

Question

What are the default values for static variables?

Answered: 1 week ago