Economics 9708 · AS & A Level · Behavioural economics

Behavioural economics — practice question

At what time would price not be able to act as a rationing mechanism?

  • Awhen a good has a number of close substitutes
  • Bwhen a good is an inferior good
  • Cwhen the demand for a good is perfectly inelastic
  • Dwhen the quantity of a good is in fixed supply

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