Asked by
jackie layne
on Nov 17, 2024
Verified
Price is the rationing mechanism in a free, competitive market.
Rationing Mechanism
A method or system used to allocate scarce resources, goods, or services among people, typically in situations of short supply.
Competitive Market
A market structure characterized by a large number of buyers and sellers, free entry and exit, and products that are similar in nature, leading to competitive prices.
- Appreciate the function of price as a method for distributing resources efficiently in unregulated markets.
Verified Answer
MJ
Learning Objectives
- Appreciate the function of price as a method for distributing resources efficiently in unregulated markets.
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