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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

Would there be a need for a rationing device if scarcity did not exist? Explain your answer.

To determine

The need for rationing device in the absence of scarcity.

Explanation

Scarcity is a situation in which the human wants are greater than the available resources. There is something available in such quantity that exceeds the needs. Thus, because of this scarcity problem, there should be a need for a rationing device to compete for allocating that limited resources. For example, assume that if the dollar price is the rational device, then people will compete for this device...

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