List some types of non-price rationing systems
What will be an ideal response?
(1.) Queuing.
(2.) Favored customers.
(3.) Rationing coupons.
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Based on annual data from 2000-2010, the Gadget Company estimates that sales are growing according to a linear trend:
Q = 50,000 + 200t where t is time and t = 0 in 2000. a. Forecast sales for 2013. b. Do you see any problems with this forecasting method?
If a decrease in the price of a good decreases the total revenue, the demand for the good is
a. price elastic b. price inelastic c. income elastic d. income inelastic
If a developing country has sufficient reserves, the buying and selling of foreign currency by the central bank is:
A. likely to have a much smaller impact on the exchange rate than in developed countries. B. completely ineffective on the exchange rate. C. likely to have a much greater impact on the exchange rate than in developed countries. D. likely to have roughly the same impact on the exchange rate as in developed countries.
Explain why a perfectly competitive firm can sell as much as it wants at the market price but a monopolist must lower its price to sell more.
What will be an ideal response?