A ration coupon is generally used
a. to allocate the excess supply of a good
b. if a price floor is imposed on a market
c. to limit the supply of a good
d. if there is an excess supply
e. to allocate the good under conditions of excess demand
E
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There are several competing models of the business cycle because
A) none currently captures all facets of the business cycle. B) they are all rooted in different philosophical traditions. C) different shocks need different models. D) they depend on the type of policy that is adopted.
Which of the following explains why the quantity of a good demanded decreases when its price increases? a. Consumer preferences change when the price of a good changes
b. The nominal income of consumers falls when the price of a good increases. c. Substitutes become relatively cheaper when the price of a good increases. d. Complements become relatively cheaper when the price of a good increases.