Explain what the phrase "price rationing" means
What will be an ideal response?
Price rationing is the process by which the market system allocates goods and services to consumers when quantity demanded exceeds quantity supplied.
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Blutarsky is throwing a party at his Fraternity and is trying to choose what booze to buy. A bottle of vodka has four times the alcohol as a six-pack of beer
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a. True b. False
GDP in excess of potential GDP will shift the aggregate supply curve to the left and the price level will increase
a. True b. False Indicate whether the statement is true or false