In a Market, the Rationing Function of Prices Results in

question 94

Multiple Choice

In a market, the rationing function of prices results in

• A)long queues or waiting lines.
• B)a price ceiling.
• C)equilibrium.
• D)a shortage or surplus.

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Definitions:

Receiving Report

A document that records the details of goods received by a business, often used to verify shipments and to match with purchase orders.

Vendor's Invoice

An itemized bill provided by a supplier indicating the products or services provided, their quantities, and prices.

Inventory System

A method or software used by organizations to track inventory levels, orders, sales, and deliveries.

Physical Inventory

A process where a business counts its entire inventory by hand at a specific point in time to verify stock quantities.