When a good is limited, some means must be found to ration the scarce commodity. Some examples

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When a good is limited, some means must be found to ration the scarce commodity. Some examples of rationing devices are auctions, ration coupons, and first-come, first-served systems. What are the strengths and weaknesses of each? Explain carefully in what sense a market mechanism "rations" scarce goods and services.
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Economics

ISBN: ?978-0073511290

19th edition

Authors: Paul A. Samuelson, William Nordhaus

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