Examlex
When Suzanne Pogell wanted to learn to sail,she could find no one to teach her because men were the ones who sailed,and women were their crew. She finally did convince someone to teach her to sail,and after mastering sailing,she started an all-woman sailing school,called Womanship,as a sole proprietorship. What were the male sailors who would not teach Pogell focusing on?
Rationing Function
The ability of market prices to allocate scarce goods and services among competing demands.
Competitive Market
A market structure characterized by a large number of buyers and sellers, free entry and exit, and products that are similar, leading to price-taking behavior.
Equalize Quantity
Bringing the amount of supply in line with the amount of demand.
Equilibrium Price
The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, resulting in market balance.
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