The Rationing Function of Prices Refers to

question 54

Multiple Choice

The rationing function of prices refers to

• A) the situation when government must intervene in a market when there is a large shortage or surplus.
• B) the synchronization of decisions by buyers and sellers that leads to an equilibrium.
• C) the synchronization of decisions by buyers and sellers through the direction of government agencies.
• D) the situation when only the rich get the goods they want.

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Definitions:

Collectivist Cultures

Collectivist cultures emphasize the needs and goals of the group as a whole over the needs and desires of each individual.

Mate Selection

The process by which individuals choose partners based on a combination of personal, cultural, social, and biological factors.

Self-effacing Humility

A personality trait characterized by a person's tendency to downplay their own achievements or virtues, often out of a desire to appear humble or unassuming.

Collectivism

A societal norm that prioritizes community objectives above personal ambitions and stresses the significance of unity within social circles.