How does a price ceiling undermine the rationing function of market-determined prices? How could rationing coupons insure that consumers with the highest values get the limited amount of a good supplied when government price ceilings create shortage? Fully explain answer based upon demand, supply and market equilibrium.
Take a shot, what do you think?
Hint: draw a supply and demand graph, then draw a ceiling price below your equilibrium price. At that price, how much are…
ducers willing to supply? how much do consumers demand? Hint2: could people sell their rationing coupons?
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