The condition in an economy that makes a "rationing device" a necessity is:
A) the economy is organized around free markets.
B) the economy is centrally planned by the government.
C) scarcity exists.
D) there are fewer types of goods than there are people in the economy.
C
Economics
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A risk-averse individual has
A) an increasing marginal utility of income. B) an increasing marginal utility of risk. C) a diminishing marginal utility of income. D) a diminishing marginal utility of risk. E) a constant marginal utility of income, but a diminishing marginal utility of risk.
Economics
A normal good is one for which
A) demand increases as income increases. B) demand increases as income decreases. C) the demand curve is horizontal. D) demand increases as the price of a substitute increases.
Economics