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How does a price ceiling undermine the rationing function of market-determined prices?

A price ceiling will undermine the rationing function of market-determined prices by creating a shortage. This is a price which is below equilibrium which will lead to more demand that supply that will cause a shortage.


What is rationing function of price?

Provided that the product is not a Veblen or a Giffen good, as its price increases fewer people can afford the commodity and so the demand for it decreases. This is a form of rationing in which the poorest people are priced out of the market.


Rationing?

the act of rationing


Where did rationing happen?

Rationing happpend in Britain


Where can you find information about World War 2 rationing?

To find information on rationing you can go to www.worldwar2.org.uk/rationing/89687/homework/school.htm To find information on rationing you can go to www.worldwar2.org.uk/rationing/89687/homework/school.htm To find information on rationing you can go to www.worldwar2.org.uk/rationing/89687/homework/school.htm


Did rationing affect children?

Rationing affected everyone.


What are some example sentences using the word rationing?

Rationing was done during World War II.We are rationing the chocolate during our diet.


Distinguish between the rational function and the allocation function of price system?

allocative function of price: to direct resources away from overcrowded markets and towards markets that are underserved. Rationing function of price: to distribute scare goods to those consumers who value them most highly


How do prices act as a Rationing?

prices can not act as rationing device


Was there rationing during the Korean war?

No, there was no rationing in korean war


When did cloth rationing start?

Clothes Rationing started 2 years after food rationing! And it ended on 15 March 1949.


Why was rationing called rationing?

because they couldn't go out and by it becauseof the bomb