Asked by Genesis Hernandez on May 10, 2024
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With price rationing, those who are both able and willing to pay for a product get it.
Price Rationing
The allocation of goods among consumers using prices, where the goods go to those willing to pay the highest price, often used when demand exceeds supply.
Able
Generally refers to having the capacity, skill, or qualifications to perform an action or task.
Pay
The compensation received by an employee from an employer in exchange for work performed, typically provided as wages or salary.
- Recognize the mechanisms of price and nonprice rationing in allocating scarce resources.
Verified Answer
Learning Objectives
- Recognize the mechanisms of price and nonprice rationing in allocating scarce resources.
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