ECONOMICS
MARKETS AND PRICES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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expensive
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unfair
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time consuming
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difficult
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Detailed explanation-1: -Rationing can artificially depress the price by putting constraints on demand. Alternatively, price ceilings can be imposed; they risk the need for rationing in order to maintain a certain level of supply. In any case, rationing generally results in shortages.
Detailed explanation-2: -For instance, crop failures due to natural calamities or the spread of diseases will push governments to introduce food rationing. As a result, due to crop failure, the government may impose embargoes or quotas on exports of essential food crops.
Detailed explanation-3: -Answer and Explanation: The answer is b. Bill Gates purchasing the Mona Lisa for $5 billion. In the rationing function of price, the goods are in limited quantity, and many buyers are eying for it.
Detailed explanation-4: -The government can pursue two main types of rationing in economics to tackle crises: non-price rationing and price rationing.