More Than 10,000 Visitors Waited Up to Two Hours in Line

question 118

Multiple Choice

More than 10,000 visitors waited up to two hours in line to see the rare flower titan arum at the Cambridge Botanical Gardens. What does this situation illustrate to an economist about rationing?

• A) Goods don't have to be rationed by lottery or first-come, first-served. Goods can be rationed by price.
• B) When goods are not fully rationed by monetary price, other rationing mechanisms such as waiting arise.
• C) When goods are not rationed by monetary price, other rationing mechanisms such as lottery must be introduced.
• D) There is no need for rationing if anyone who waits long enough can see the flower.

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Definitions:

Disaffirm

The act of denying, rejecting, or voiding a legal contract or agreement, especially by someone who is not legally competent.

Necessaries

Essential items required for living, such as food, shelter, and clothing, which a person cannot legally be deprived of.

Necessary

In legal and ethical contexts, necessary refers to something that is required or indispensable to achieve a specific outcome or obligation.

Disaffirm

The legal act of renouncing or rejecting a contract or agreement, especially by a party who was not legally competent to enter it at the time of agreement.