All of the Following Are Examples of Nonprice Rationing Devices

question 145

Multiple Choice

All of the following are examples of nonprice rationing devices EXCEPT

• A) price controls.
• B) queues.
• C) black markets.
• D) waiting lists.

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Definitions:

Good Y

Refers to a hypothetical product or commodity used in economic models and theories to analyze market behaviors and consumer preferences.

Units

Refers to a single, distinct item or entity that is part of a larger quantity, often used in the context of measurement or count.

Utility Function

A mathematical representation that ranks an individual's preference for different combinations of goods or outcomes.

Budget Constraint

The limit on the consumption bundles that a consumer can afford to purchase, based on their income and the prices of goods and services.