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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