Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What do economists mean when they speak of price as a rationing mechanism? Multiple Choice A) That all goods produced will be sold. B) Consumers

What do economists mean when they speak of price as a rationing mechanism?

Multiple Choice

A) That all goods produced will be sold.

B) Consumers get the products they want at prices they can afford.

C) That shortages of goods in the market price will disappear as a result of price rising which results in the quantity demanded decreasing and the quantity supplied increasing.

D) That shortages of goods in the market price will disappear as a result of price rising which results in the quantity demanded increasing and the quantity supplied decreasing.

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

Essentials of Economics

Authors: N. Gregory Mankiw

8th edition

1337091995, 978-1337515351, 1337515353, 978-1337091992

More Books

Students also viewed these Economics questions