Chapter 4: Demand And Supply Applications Flashcards
1
Q
What is Price Rationing?
A
The process by which the market system allocates goods and services to consumers when quantity demanded exceeds quantity supplied.
Microeconomics > Chapter 4: Demand And Supply Applications > Flashcards
What is Price Rationing?
The process by which the market system allocates goods and services to consumers when quantity demanded exceeds quantity supplied.